On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1.27727 in line with the graphical overlap support and 78.6% Fibonacci retracement to 1st resistance at 1.28919 in line with the graphical swing high resistance and 100% Fibonacci projection. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.26479 in line with the horizontal swing low support.
Trading Recommendation
Entry: 1.27727
Reason for Entry:
Graphical overlap support and 78.6% Fibonacci retracement
Take Profit: 1.28919
Reason for Take Profit:
Graphical swing high resistance and 100% Fibonacci projection
Stop Loss: 1.26479
Reason for Stop Loss:
Horizontal swing low support
