On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from 1st support at 1.26479 in line with the graphical overlap support and 38.2% Fibonacci retracement and possibly to 2nd support at 1.25505 in line with the graphical swing low support and 78.6% Fibonacci retracement to 1st resistance at 1.27659 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.28515 in line with the horizontal swing high resistance.
Trading Recommendation
Entry: 1.26479
Reason for Entry:
Graphical overlap support and 38.2% Fibonacci retracement
Take Profit: 1.27659
Reason for Take Profit:
Horizontal swing high resistance and 78.6% Fibonacci retracement
Stop Loss: 1.28515
Reason for Stop Loss:
Horizontal swing high resistance
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