On the H4, prices are on bullish momentum and abiding by our ascending trendline support. We see the potential for a bounce from our 1st support at 1.31580 which is a graphical swing low and in line with 161.8% Fibonacci Projection towards our 1st resistance at 1.32796 which is a graphical swing high and in line with 78.6% Fibonacci Projection. Prices are trading above our Ichimoku clouds, further supporting our bullish bias. Alternatively, breaking the 1st support will call for a bearish dip towards our 2nd support at 1.31193 which was a graphical swing low and in line with 200% Fibonacci Projection.

Trading Recommendation

Entry: 1.31580

Reason for Entry:

Graphical swing low and in line with 161.8% Fibonacci ProjectionTake Profit: 1.32796

Reason for Take Profit:

Graphical swing high and in line with 78.6% Fibonacci Projection

Stop Loss: 1.312

Reason for Stop Loss:

Graphical swing low and in line with 200% Fibonacci Projection.