On the H4, current price is moving below the ichimoku cloud suggesting a continuation of its bearish movement. We are expecting to see price fall to 1st support at 1.24216 in line with the 100% Fibonacci projection. Otherwise, we may see price do a retest at 1st resistance at 1.24977 in line with the 61.8% Fibonacci projection and the 23.6% Fibonacci retracement. Our bearish bias is further supported by the existing descending trend line.
Reason for Entry:
Horizontal overlap resistance and 61.8% Fibonacci projection
Take Profit: 1.24244
Reason for Take Profit:
Horizontal swing low support, 61.8% Fibonacci projection and 23.6% Fibonacci retracement
Reason for Stop Loss:
Horizontal overlap resistance, 61.8% Fibonacci projection and 50% Fibonacci retracementThe material has been provided by InstaForex Company - www.instaforex.com