On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop from our 1st resistance at 1.19313 where the horizontal pullback resistance and 61.8% fibonacci projection are to our 1st support at 1.18235 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection are. Alternatively, price could rise to 2nd resistance at 1.19762 in line with the pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement.
Trading Recommendation
Entry: 1.19313
Reason for Entry:
Horizontal pullback resistance
Take Profit: 1.18235
Reason for Take Profit:161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection
Stop Loss: 1.19762
Reason for Stop Loss:
Pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement
