On the H4, with prices moving below the ichimoku indicator and the stochastic indicator moving in a downtrend channel, we have a bearish bias that price will drop from our 1st resistance at 127.699 where the horizontal overlap resistance and 23.6% fibonacci retracement are to our 1st support at 127.028 in line with the horizontal overlap support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 128.070 where the horizontal overlap resistance, 38.2% fibonacci retracement and 38.2% Fibonacci retracement are.
Trading Recommendation
Entry: 127.699
Reason for Entry:
Horizontal overlap resistance and 23.6% fibonacci retracement
Take Profit:127.028
Reason for Take Profit:Horizontal overlap support
Stop Loss: 128.070
Reason for Stop Loss:
Horizontal overlap resistance, 38.2% fibonacci retracement and 38.2% Fibonacci retracement