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 to the 1st support at 0.67264, which is in line with the previous swing low. If the price can break this support level, the 2nd support level could be at 0.66809, where the 61.8% fibonacci projection and swing low are. Alternatively, the price may rise to the 1st resistance at 0.67770, where the 23.6% fibonacci retracement and overlap resistance are.
Trading Recommendation
Entry: 0.67264
Reason for Entry:
Previous swing low
Take Profit: 0.66809
Reason for Take Profit:
61.8% fibonacci projection and swing low
Stop Loss: 0.67770
Reason for Stop Loss:
23.6% fibonacci retracement and overlap resistance
