On the H4 chart price has recently broken out of the descending trendline and is above the Ichimoku cloud and near 1st resistance level of 1.26961 which is also 50% Fibonacci retracement and 127.2% Fibonacci projection. Price can potentially go to the 2nd resistance level of 1.28131 which is a graphical overlap resistance. Alternatively price can potentially dip to the 1st support level of 1.26211 which is also 61.8% Fibonacci retracement and 61.8% Fibonacci projection.
Trading Recommendation
Entry:1.26961
Reason for Entry:
Horizontal overlap resistance and 50% Fibonacci retracement, 127.2% Fibonacci projection
Take Profit: 1.27274
Reason for Take Profit:
Horizontal swing high resistance and 100% Fibonacci projection
Stop Loss: 1.26211
Reason for Stop Loss:
Horizontal swing low support and 61.8% Fibonacci projection, 61.8% Fibonacci projection
