On the H4, prices have broken the ascending trend and are below the ichimoku indicator, we are bearish bias. Prices are pulling back to test the first support at 1.0104 where the 61.8% Fibonacci retracement and 127.2% extension sits. If prices continue in the bearish momentum, it will test the second support at 0.9952. Alternatively price could go back to test the first resistance at 1.0363 where the 61.8% Fibonacci retracement sits and then the second resistance at 1.0465
Trading Recommendation
Entry: 1.0152
Reason for Entry:
Swing low
Take Profit: 1.0104
Reason for Take Profit:
swing low support 61.8% fibonacci retracement
Stop Loss: 1.0250
Reason for Stop Loss:
Previous swing highs
