On the H4, with the price moving below the ichimoku cloud and moving within the descending channel, we have a bearish bias that the price may drop from the 1st support at 0.68729, which is in line with the swing lows and 61.8% fibonacci retracement to the 2nd support at 0.67916, where the overlap support and 78.6% fibonacci projection are. Alternatively, the price may rise to the 1st resistance at 0.69411, where the 61.8% fibonacci projection and previous swing high are. If the price can break this resistance level, we can expect the price to rise to the 2nd resistance at 0.69925, where the swing highs, 50% fibonacci retracement and 100% fibonacci projection are.
Trading Recommendation
Entry: 0.68729
Reason for Entry:Swing lows and 61.8% fibonacci retracement
Take Profit:0.67916
Reason for Take Profit:Overlap support and 78.6% fibonacci projection
Stop Loss: 0.69411
Reason for Stop Loss:
61.8% fibonacci projection and previous swing high
