On the H4, we can see price approaching the intermediary resistance at 1.23953 in line with the 38.2% Fibonacci retracement. With the existing bearish sentiment where price is moving below the ichimoku and in a downwards trend, we may expect to see price head for 1st support at 1.23382 in line with the 78.6% Fibonacci extension and possibly even 2nd support at 1.22948 in line with the 100% Fibonacci extension level from the intermediary resistance. Alternatively, we may see price to a retest at 1st resistance at 1.24359 in line with the 61.8% Fibonacci retracement.
Reason for Entry:
Intermediary resistance and 38.2% Fibonacci retracement
Take Profit: 1.23382
Reason for Take Profit:
Horizontal swing low support and 78.6% Fibonacci extension
Reason for Stop Loss:Horizontal overlap support and 100% Fibonacci extensionThe material has been provided by InstaForex Company - www.instaforex.com