On the H4, with the price breaking the ascending channel, crossing the ichimoku cloud, and there's a possible "double top" pattern, we have a bearish bias that the price may drop from the 1st support at 1.30252, which is in line with the 38.2% and 61.8% fibonacci retracement to the 2nd support at 1.29676, where the 50% fibonacci retracement and overlap support are. Alternatively, the price may rise to the 1st resistance at 1.30729, where the overlap resistance is.
Trading Recommendation
Entry: 1.30252
Reason for Entry:
38.2% and 61.8% fibonacci retracement
Take Profit: 1.29676
Reason for Take Profit:
50% fibonacci retracement and overlap support
Stop Loss: 1.30729
Reason for Stop Loss:
Overlap resistance
