Looking at the H4 chart, my overall bias for EURUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect the price to possibly head towards the 1st support at 1.04818, where the 50% Fibonacci line is. In an alternate scenario, price could possibly head back up towards the 1st resistance level at 1.05948, where the 23.6% Fibonacci line is.
Trading Recommendation
Entry: 1.05262
Reason for Entry: Immediate sell entry at the time of writing to ride the bearish momentum
Take Profit: 1.02964
Reason for Take Profit:
2nd support line
Stop Loss: 1.06351
Reason for Stop Loss:
Recent swing high and slightly above where the 1st resistance line is.
