On the H4, with the price moving within the descending channel, below ichimoku cloud, 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 0.59984, where the 50% fibonacci retracement and overlap resistance are.
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: 0.59984
Reason for Stop Loss:
50% fibonacci retracement
