On the H4, with price moving above the Ichimoku cloud and the recent break of the channel, we have a bias that price will rise to our 1st resistance at 0.93696 in line with the 61.8% Fibonacci retracement from our 1st support at 0.93001 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support at 0.92270 in line with the pullback support.
Trading Recommendation
Entry: 0.93001
Reason for Entry: Horizontal pullback support
Take Profit: : 0.93696
Reason for Take Profit: Horizontal swing high resistance and 61.8% Fibonacci retracement
Stop Loss: 0.92270
Reason for Stop Loss:
Horizontal overlap support and 127.2% Fibonacci extension
