On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.72714 which is in line with horizontal overlap resistance and 61.8% Fibonacci retracement from 1st support at 0.71939, which is in line with horizontal overlap support and 61.8% Fibonacci retracement level. Alternatively, price may break 1st support structure and head for 2nd support at 0.71459, which coincides with horizontal swing low resistance and 127.2% Fibonacci extension.
Reason for Entry:
Horizontal overlap support and 61.8% Fibonacci retracement
Take Profit: 0.72714
Reason for Take Profit:
Horizontal overlap resistance and 61.8% Fibonacci retracement
Stop Loss: 0.71459
Reason for Stop Loss:
Horizontal swing low resistance and 127.2% Fibonacci extension
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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