On the H4, prices are still in a descending trend and are below the ichimoku indicator, we are bearish bias. Prices have tested the first support at 0.9904 where the 61.8% projection sits and it has failed to break the 23.6% retracement at 1.00 levels. If it fails to break the first support, prices could pull back to test the first resistance at 1.0126 where the previous swing low and 50% retracement sits and subsequently the second resistance at 1.0258 where the 78.6% retracement and swing high sits
Trading Recommendation
Entry: 1.001
Reason for Entry:
Pull back short entry 23.6% retracement
Take Profit: 0.9904
Reason for Take Profit:Respecting the descending trend and previous swing lowStop Loss: 1.009
Reason for Stop Loss:
Previous swing low