On the H4, with price expected to bounce off the support of the Ichimoku cloud, we have a bias that price will rise to our 1st resistance at 0.69875 in line with the swing high resistance from our 1st support at 0.68752 in line with the horizontal overlap support, 50% Fibonacci retracement and 100% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 0.68332 in line with the 138.2% Fibonacci extension and 61.8% Fibonacci retracement. Our bullish bias is further supported by the ascending trendline which is signifying a bullish momentum.
Trading Recommendation
Entry: 0.68914
Reason for Entry: Horizontal swing high resistance
Take Profit: : 0.68752
Reason for Take Profit: Horizontal overlap support, 50% Fibonacci retracement and 100% Fibonacci projection
Stop Loss: 0.68332
Reason for Stop Loss:
138.2% Fibonacci extension and 61.8% Fibonacci retracement
