On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 1.21570 where the horizontal overlap resistance and 50% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 100% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head to 2nd resistance at 1.24065 in line with the swing high resistance and 127.2% fibonacci extension.
Trading Recommendation
Entry: 1.21570
Reason for Entry:
Horizontal overlap resistance and 50% fibonacci retracement
Take Profit: 1.19313
Reason for Take Profit:Horizontal swing low support and 100% fibonacci projectionStop Loss: 1.24065
Reason for Stop Loss:
Swing high resistance and 127.2% fibonacci extension
