On the H4, with the price moving within the descending channel, below ichimoku cloud, RSI is showing a descending trendline. If the price can break the 1st support at 0.57984, which is in line with the 78.6% fibonacci projection, 161.8% fibonacci extension, 127.2% fibonacci extensions successfully, we can expect the price drop to the 2nd support at 0.56546, which is in line with the 200% fibonacci extension and 161.8% fibonacci extension. Alternatively, the price may pull back to the 1st resistance at 0.58967, where the 23.6% fibonacci retracement is, if the 1st resistance is broken, the 2nd resistance could be at 2nd resistance at 0.59937, which is in line with the overlap resistance.
Trading Recommendation
Entry: 0.57984
Reason for Entry: 78.6% fibonacci projection, 161.8% fibonacci extension, 127.2% fibonacci extensions
Take Profit: 0.56546
Reason for Take Profit: 200% fibonacci extension and 161.8% fibonacci extension
Stop Loss: 0.58967
Reason for Stop Loss:
23.6% fibonacci retracement
