On the H4, price is moving within the descending trendline in a descending manner, with the price moving below ichimoku cloud,- we are bearish biased. Price is testing the first support at 0.9695 where the 61.8% retracement sits. If it breaks this level, bearish momentum will bring price to the second support at 0.9545 where the swing low and 161.8% extension sit. Alternatively, price may test the first resistance at 1.0047 where the 78.6% retracement sits. If price breaks this level, it may test the second resistance at 1.0194, where the previous swing high sits
Trading Recommendation
Entry: 0.9695
Reason for Entry:
Breakout sell entry, 61.8% fibonacci retracement
Take Profit: 0.9545
Reason for Take Profit:Swing low 161.8% extension
Stop Loss: 0.9897
Reason for Stop Loss:
Previous swing low 23.6% retracement