On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop to our sell entry at 1.19352 where the horizontal pullback support and -27.2% fibonacci expansion are. Once we have downside confirmation that price has broken entry structure, we would expect bearish momentum to carry price to our take profit at 1.18132 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 100% fibonacci projection are. Alternatively, price could rise to intermediate resistance at 1.19766 in line with the pullback resistance and 38.2% fibonacci retracement. Should price break intermediate resistance structure, we would have a bullish bias that price will rise to stop loss at 1.21677 where the 50% fibonacci retracement and swing high resistance are.
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Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.