On the H4 timeframe, price is abiding by the ascending trendline. With price moving above the ichimoku cloud, we have a bias that price will rise to our 1st resistance at 0.70871 in line with the 78.6% Fibonacci retracement and 61.8% fibonacci projection from our 1st support at 0.69724 in line with 61.8% fibonacci retracement and 61.8% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 0.68870 in line 100% fibonacci projection.
Trading Recommendation
Entry: 0.69724
Reason for Entry: 61.8% fibonacci retracement and 61.8% fibonacci projection.
Take Profit: : 0.70871
Reason for Take Profit: 78.6% Fibonacci retracement and 61.8% fibonacci projection.
Stop Loss: 0.68870
Reason for Stop Loss:
100% fibonacci projection.
