On the H4, price is moving within the descending trendline in a descending manner, with the price moving below ichimoku cloud- we are still overall bearish biassed. Although price has bounced off the first support at 0.9654 where the 78.6% retracement sits, it could still break this level and bring price to second support at 0.9545 where the swing low and 161.8% extension sit. Alternatively, price may test the first resistance at 1.0047 where the 78.6% retracement sits. If price breaks this level, it may test the second resistance at 1.0194, where the previous swing high sits
Trading Recommendation
Entry: 0.9654
Reason for Entry:
Breakout sell entry, 78.6% fibonacci retracement
Take Profit: 0.9545
Reason for Take Profit:Swing low 161.8% extension
Stop Loss: 0.9897
Reason for Stop Loss:
previous swing low 23.6% retracement
