On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 1.21570 where the horizontal overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 78.6% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head to 2nd resistance at 1.24065 in line with the swing high resistance.
Trading Recommendation
Entry: 1.21570
Reason for Entry:
Horizontal overlap resistance, 100% fibonacci projection and 50% fibonacci retracement
Take Profit: 1.19313
Reason for Take Profit:Horizontal swing low support and 78.6% fibonacci projection
Stop Loss: 1.24065
Reason for Stop Loss:
Swing high resistance
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