On the H4, with price expected to bounce off the support of the Ichimoku cloud and the support of the ascending trendline, we have a bias that price will rise to our 1st resistance at 0.70161 in line with the swing high resistance from our 1st support at 0.69297 in line with the horizontal overlap support, 78.6% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 0.68752 in line with the 50% Fibonacci retracement.
Trading Recommendation
Entry: 0.69297
Reason for Entry: Horizontal overlap support and 78.6% Fibonacci projection
Take Profit: : 0.70161
Reason for Take Profit: Horizontal swing high resistance
Stop Loss: 0.68752
Reason for Stop Loss:
Horizontal overlap support and 50% Fibonacci retracement
