On the H4 chart, as the price is breaking the ascending trendline and below ichimoku cloud, we have a bearish bias that the price may drop form the 1st support at 0.63351, which is in line with the 50% fibonacci resistance and overlap support to the 2nd support at 0.61921, where the swing low is. Alternatively, the price may rise to the 1st resistance at 0.64253, which is in line with the 50% fibonacci retracement.
Trading Recommendation
Entry: 0.63351
Reason for Entry: 50% fibonacci resistance and overlap support
Take Profit: 0.61921
Reason for Take Profit:
Swing low
Stop Loss: 0.64253
Reason for Stop Loss:
50% fibonacci retracement
