On the H4, prices seem to still be in a bearish momentum and respecting the ichimoku cloud. Prices have rebounded slightly but if bearish momentum continues it should move toward the first support at 1.1437 levels where the 161.8% extension sits. Alternatively, if it fails to break this level, it might look to test the first resistance at 1.1613 where the previous swing high sits subsequently the second resistance at 1.1760 level where the 61.8% projection and 38.2% retracement sits
Trading Recommendation
Entry: 1.1613
Reason for Entry:
Pull back sell entry
Take Profit: 1.1437
Reason for Take Profit:
161.8% fibonacci extension
Stop Loss: 1.1760
Reason for Stop Loss:
Previous swing low, overlapping resistance
