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 0.75406 in line with the 50% Fibonacci retracement and 61.8% Fibonacci projection from our 1st support at 0.74261 in line with 50% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 0.73571 in line 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 0.74261
Reason for Entry: 50% Fibonacci retracement.
Take Profit: : 0.75406
Reason for Take Profit: 50% Fibonacci retracement and 61.8% Fibonacci projection
Stop Loss: 0.73571
Reason for Stop Loss:
61.8% Fibonacci retracement.
