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 0.61284 in line with the 127.2% fibonacci extension and 78.6% fibonacci projection to the 1st support at 0.60333 in line with the 161.8% fibonacci extension and 100% fibonacci projection. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.62039 in line with the overlap swing high and 100% fibonacci projection.
Trading Recommendation
Entry: 0.61284
Reason for Entry:
Pullback resistance, 127.2% fibonacci extension and 78.6% fibonacci projectionTake Profit: 0.60333
Reason for Take Profit:161.8% fibonacci extension and 100% fibonacci projection
Stop Loss: 0.62039
Reason for Stop Loss:Overlap swing high, 100% fibonacci projection
