On the H4, the price is below ichimoku , we could expect the price drop form the 1st resistance at 0.55955, which is in line with the 23.6% fibonacci retracement and previous swing low to the 1st support at 0.54578, which is in line with the 161.8% fibonacci extension and 61.8% fibonacci projection . Alternatively, the price may rise to the 2nd resistance at 0.56862, where the 50% fibonacci retracement is.
Trading Recommendation
Entry: 0.55955
Reason for Entry: 23.6% fibonacci retracement and previous swing low
Take Profit: 0.54578
Reason for Take Profit:
161.8% fibonacci extension and 61.8% fibonacci projection
Stop Loss: 0.56862
Reason for Stop Loss:
50% fibonacci retracement
