On the H4 timeframe, prices are on bullish momentum and abiding by an ascending trendline support. We see the potential for further bullish continuation from our 1st support at 125.106 in line with 23.6% Fibonacci retracement towards our 1st resistance at 126.176 which is an area of Fibonacci confluences. Breaking out 1st support will find prices dipping towards our 2nd support at 124.252 in line with 38.2% Fibonacci retracement. Prices are trading above our Ichimoku clouds, further supporting our bullish bias.
Trading Recommendation
Entry: 125.106
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 126.176
Reason for Take Profit:Area of Fibonacci confluences
Stop Loss: 124.252Reason for Stop Loss:
38.2% Fibonacci retracement
