On the H4, with price moving within the ascending channel, we have a bullish bias that price will rise to our 1st resistance at 1.27909 which is in line with horizontal swing high resistance and 78.6% Fibonacci extension from 1st support at 1.27059, which is in line with horizontal swing low support and 78.6% Fibonacci retracement level. Alternatively, price may break 1st support structure and head for 2nd support at 1.26288, which coincides with horizontal swing low support and the 127.2% Fibonacci extension.
Trading Recommendation
Entry: 1.27909
Reason for Entry:
Horizontal swing high resistance and 78.6% Fibonacci extension
Take Profit: 1.27059
Reason for Take Profit:
Horizontal swing low support and 78.6% Fibonacci retracement
Stop Loss:1.26288
Reason for Stop Loss:
Horizontal swing low support and the 127.2% Fibonacci extension
