On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the 1st pullback resistance at 0.67685 in line with the 100% and 78.6% fibonacci projections to the 1st support at 0.65667 in line with the 161.8% fibonacci extension and 78.6% fibonacci projection. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.68487 in line with the overlap swing high and 61.8% fibonacci projection
Trading Recommendation
Entry: 0.67685
Reason for Entry:
Pullback resistance, 100% and 78.6% fibonacci projectionsTake Profit: 0.65667
Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projectionStop Loss: 0.68487
Reason for Stop Loss:
Overlap swing high, 61.8% fibonacci projection
