On the H4, prices have broken the ascending trend and are below the ichimoku indicator, we are bearish bias. Prices are testing the first support at 0.9955 where the 61.8% projection sits. Alternatively, prices could pull back to test the first resistance at 1.0116 where the previous swing low sits and subsequently the second resistance at 1.0353 where the 61.8% retracement and swing high sits
Trading Recommendation
Entry: 0.9951
Reason for Entry:
Pull back short entry
Take Profit: 0.9847
Reason for Take Profit:Respecting the descending trend and channel
Stop Loss: 1.0016
Reason for Stop Loss:
Previous swing high