On the H4, the price is below the descending channel and ichimoku cloud, we are looking for the price drop to the 1st support at 0.61921, which is in line with the 61.8% fibonacci projection and swing low support. If the 1st support is broken, the 2nd support could be at 0.59922, where the 100% fibonacci projection and previous swing low are. Alternatively, the price may rise to retest the 1st resistance at 0.63411, which is in line with the 23.6% fibonacci retracement and 50% fibonacci retracement.
Trading Recommendation
Entry: 0.61921
Reason for Entry: 61.8% fibonacci projection and swing low
Take Profit: 0.59922
Reason for Take Profit:
100% fibonacci projection and previous swing low
Stop Loss: 0.63411
Reason for Stop Loss:
23.6% fibonacci retracement and 50% fibonacci retracemen
