On the H4, price is moving within the descending trendline in a descending manner, with the price moving below ichimoku cloud- we are still overall bearish biased. Price has bounced off the first support hence it might 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. Alternatively, bearish momentum might bring price to 0.9695 where the 78.6% retracement sits. if it breaks this level, price would test the second support at 0.9545 where the swing low and 161.8% extension sit
Trading Recommendation
Entry: 0.9654
Reason for Entry:
Pullback buy entry, 78.6% fibonacci retracement
Take Profit: 1.0047
Reason for Take Profit: Previous swing high, 78.6% retracement
Stop Loss: 0.9543
Reason for Stop Loss:
previous swing low 23.6% retracement