On the H4, the price is below the ichimoku cloud and descending trendline, we can expect the price to drop from the 1st resistance at 0.56622, which is in line with the overlap resistance to the 1st support at 0.55544, where the swing low support is. Alternatively, the price may rise to the 1st resistance. If the 1st resistance level is broken, the 2nd resistance level is at 0.58022, where the previous swing high, 100% fibonacci projection and 38.2% fibonacci retracement are.
Trading Recommendation
Entry: 0.56622
Reason for Entry:
overlap resistance
Take Profit: 0.55544
Reason for Take Profit:
swing low support
Stop Loss: 0.58022
Reason for Stop Loss:
previous swing high, 100% fibonacci projection and 38.2% fibonacci retracement
