On the H4, with the price breaking the ascending channel, below the ichimoku cloud, and there's a possible "double top" pattern, we have a bearish bias that the price may drop to the 1st support at 1.29882, which is in line with the overlap support and 50% fibonacci retracement. If the 1st support is broken, the 2nd support could be at 1.28938, where the overlap support and 61.8% fibonacci retracement are. Alternatively, the price may rise to the 1st resistance at 1.30713, where the "neckline" of the "double top" pattern and 50% fibonacci retracement are.
Trading Recommendation
Entry: 1.29682
Reason for Entry:
Overlap support and 50% fibonacci retracement
Take Profit: 1.28938
Reason for Take Profit:
Overlap support and 61.8% fibonacci retracement
Stop Loss: 1.30713
Reason for Stop Loss:
"neckline" of the "double top" pattern and 50% fibonacci retracement
