On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop from our sell entry at 1.19313 where the horizontal pullback resistance is to our take profit at 1.18235 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection are. Alternatively, price could rise to stop loss at 1.19762 in line with the pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement.
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