On the H4, with price broken out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 136.661 where the pullback resistance is to the 1st support at 134.781 where the swing low support and 61.8% fibonacci retracement are. Alternatively, price could break 1st resistance structure and head for 2nd resistance at 137.792 where the pullback resistance and 61.8% fibonacci retracement are.
Trading Recommendation
Entry: 136.661
Reason for Entry:
Pullback resistance
Take Profit: 134.781
Reason for Take Profit:Swing low support and 61.8% fibonacci retracement
Stop Loss: 137.792
Reason for Stop Loss:
Pullback resistance and 61.8% fibonacci retracement
