On the H4, the price is moving below the ichimoku cloud and descending channel , we have a bearish bias that the price may rise to the 1st resistance at 0.63973, which is in line with the previous swing low and then drop to the 1st support at 0.62085, which is in line with the 61.8% fibonacci projection . Alternatively, the price may rise to the 2nd resistance at 0.65503, where the 23.6% fibonacci retracement and 78.6% fibonacci projection are.
Trading Recommendation
Entry: 0.63973
Reason for Entry:Previous swing low
Take Profit: 0.62085
Reason for Take Profit:
61.8% fibonacci projection
Stop Loss: 0.65503
Reason for Stop Loss:
23.6% fibonacci retracement and 78.6% fibonacci projection
