On the H4, with price moving above our ichimoku cloud, we have a bullish bias that price will bounce from 1st support at 1.24935 in line with the graphical swing overlap support and 38.2% Fibonacci retracement to our 1st resistance at 1.26028 in line with the horizontal overlap resistance and possibly to 2nd resistance at 1.27083 in line with our horizontal overlap resistance and 100% Fibonacci projection level. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24100 in line with the 61.8% Fibonacci retracement level and horizontal swing low support.
Trading Recommendation
Entry: 1.24935
Reason for Entry:
graphical swing overlap support and 38.2% Fibonacci retracement
Take Profit: 1.26028
Reason for Take Profit:
horizontal overlap resistance
Stop Loss: 1.24100
Reason for Stop Loss:
61.8% Fibonacci retracement level and horizontal swing low support
