On the H4, the price is moving in a strong bearish trend. To add on confluence to this bias, price is below the Ichimoku cloud which indicates a bear market. Price has broken below the 1st resistance where the 100% Fibonacci line lies. Price has also tried multiple times to break back up the 1st resistance and failed to do so. With such a strong bearish momentum, expect price to tap the 1st support at 0.64029 where the 161.8% Fibonacci extension line lies within the day.
Trading Recommendation
Entry: 0.64147
Reason for Entry: Strong bearish momentum reflecting off the 0% Fibonacci line
Take Profit: 0.64029
Reason for Take Profit:
161.8% Fibonacci extension line
Stop Loss: 0.64445
Reason for Stop Loss:
High of last rejection candle of the 0% Fibonacci line
