Potential Bearish Continuation

5. Juli 2022

On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.04878 at the overlap resistance in line with the 50% fibonacci retracement to the 1st support at 1.03545 at the swing low in line with the two 61.8% fiboinacci projections. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.06037 at the multiple swing high in line with the 61.8% fibonacci retracement.

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