On the H4, with prices breaking above the ichimoku indicator and breakout from descending trendline, we have a bullish bias that price will rise from our 1st support at 128.070 where the horizontal overlap resistance and 78.6% fibonacci projection are to our 1st resistance at 128.899 in line with the swing high resistance, 127.2% Fibonacci extension and 78.6% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 127.164 where the horizontal overlap support is.

Trading Recommendation

Entry: 128.070

Reason for Entry:

Horizontal overlap resistance

Take Profit:128.899

Reason for Take Profit:Horizontal swing high resistance, 127.2% Fibonacci extension and 78.6% fibonacci retracement

Stop Loss: 127.164

Reason for Stop Loss:

Horizontal overlap support