On the H4, prices seem to be in a bearish momentum and respecting the ichimoku cloud. It has tested the first support at 1.1722 where the swing low sits and has now slightly reversed. Alternatively, if price fails to break the first support at 1.1722, it can pull back to test the first resistance at 1.1920 where the 38.2% retracement and 61.8% projection sits. Subsequently testing the second resistance at 1.2015 where the swing low sits
Trading Recommendation
Entry: 1.1920
Reason for Entry:
Pull back short entry 61.8% projection, 38.2% retracement
Take Profit: 1.1722
Reason for Take Profit:
Respecting the descending trend and channelStop Loss: 1.2015
Reason for Stop Loss:
Previous swing low
