On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 129.028 where the 50% Fibonacci retracement and horizontal swing low support is to our 1st resistance at 131.240 in line with the horizontal swing high support. Alternatively, price may break 1st support structure and head for 2nd support at 127.240 in line with the horizontal swing low support.
Trading Recommendation
Entry: 129.028
Reason for Entry:
50% Fibonacci retracement and horizontal swing low support
Take Profit:131.240
Reason for Take Profit:Horizontal swing high support
Stop Loss: 127.240
Reason for Stop Loss:
Horizontal swing low support
