On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to 1st support at 1.26227 in line with the graphical overlap support and 50% Fibonacci retracement from 1st resistance at 1.27586 in line with the graphical overlap resistance and 61.8% Fibonacci retracement. Alternatively, we may see price break 1st resistance and head for 2nd resistance at 1.28485 in line with the horizontal swing high resistance.
Trading Recommendation
Entry: 1.27586
Reason for Entry:
Graphical overlap resistance and 61.8% Fibonacci retracement
Take Profit: 1.26227
Reason for Take Profit:
Graphical overlap support and 50% Fibonacci retracement
Stop Loss: 1.28485
Reason for Stop Loss:
Horizontal swing high resistance
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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