On the H4, with prices moving above the Ichimoku cloud, we see the potential for a bounce from our 1st support at 1.26519 in line with horizontal swing low support and 100% Fibonacci projection towards our 1st resistance at 1.277779 in line with horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.25644, in line with the horizontal overlap support and 161.8% Fibonacci projection level.
Trading Recommendation
Entry: 1.26519
Reason for Entry:
Horizontal low support and 100% Fibonacci projection
Take Profit: 1.277779
Reason for Take Profit:
Horizontal swing high resistance
Stop Loss: 1.25644
Reason for Stop Loss:
Horizontal swing low support and 161.8% Fibonacci projection
