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 biased. Price has pulled back slightly and it looks like bearish momentum might bring price to 0.9695 where the 78.6% retracement sits. if it breaks this level, price would test the second support at 0.9535 where the swing low and 161.8% extension sit. Alternatively, price might test the first resistance at 0.9861 w here the 78.6% retracement sits. If price breaks this level, it may test the second resistance at 0.9996, where the previous swing high sits.
Trading Recommendation
Entry: 0.9861
Reason for Entry:
Breakout buy entry, 61.8% fibonacci retracement
Take Profit: 0.9996
Reason for Take Profit:Previous swing high
Stop Loss: 0.9761
Reason for Stop Loss:
Previous swing low 50% retracement
