On the H4 timeframe, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from 1st resistance of 0.91795 in line with the 50% Fibonacci retracement level to 1st support at 0.91316 in line with the 50% Fibonacci retracement level. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.92008 in line with the 61.8% Fibonacci retracement.
Reason for Entry: 50% Fibonacci retracement level
Take Profit: : 0.91316
Reason for Take Profit: 50% Fibonacci retracement level
Stop Loss: 0.92008
Reason for Stop Loss:
61.8% Fibonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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