On the H4, price is bearish biased and moving strongly in an ascending trendline. It is still respecting the Ichimoku indicator, and has confirmed a strong downside momentum. It is now going to test at the first support at 132.274 which the previous swing low sits at. If prices were to break first support it will go to the second support at 131.527. Alternatively, price could bounce back up to test at the first resistance, 50% retracement at 134.233
Trading Recommendation
Entry: 137.53
Reason for Entry:
Pullback
Take Profit: 134.233
Reason for Take Profit:50% Fibonacci retracement
Stop Loss: 131.527
Reason for Stop Loss:
Swing low intermediate support level
