On the H4, with price moving below the ichimoku cloud, in a descending trendline and in a descending trend channel, we have a bearish bias that price will drop from the 1st resistance at 0.67684 at the multiple swing lows in line with the 78.6% fibonacci projection to the 1st support at 0.66648 in line with the -61.8% fibonacci extension and 100% fibonacci projection. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.68152 in line with the swing high and 78.6% fibonacci projection and 38.2% fibonacci retracement.
Trading Recommendation
Entry: 0.67684
Reason for Entry:
Multiple swing lows in line with the 78.6% fibonacci projectionTake Profit: 0.66648
Reason for Take Profit:-61.8% fibonacci extension and 100% fibonacci projection
Stop Loss: 0.68152
Reason for Stop Loss:Swing high and 78.6% fibonacci retracement and 38.2% fibonacci retracement.
