On the H4 timeframe, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to 1st resistance at 1.30339 in line with the graphical swing high resistance and 161.8% Fibonacci extension from 1st support at 1.28352 in line with the 161.8% Fibonacci extension and graphical overlap support. Alternatively, we may see price break 1st support and head for 2nd support at 1.26104 in line with the 50% Fibonacci retracement and horizontal swing low support.
Trading Recommendation
Entry:1.28352
Reason for Entry:
161.8% Fibonacci extension and graphical overlap support
Take Profit: 1.30339
Reason for Take Profit:
161.8% Fibonacci extension and graphical swing high resistance
Stop Loss:1.26104
Reason for Stop Loss:
50% Fibonacci retracement and horizontal swing low support
