On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 1.29118 where the 38.20% Fibonacci retracement and horizontal swing high support is to our 1st resistance at 1.30780 in line with the 78.60% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 1.28306 where the 61.8% fibonacci retracement and horizontal overlap support is.
Trading Recommendation Entry:1.29118Reason for Entry:38.20% Fibonacci retracement and Horizontal swing high supportTake Profit: 1.30780Reason for Take Profit:78.60% Fibonacci projectionStop Loss: 1.28306Reason for Stop Loss:61.8% fibonacci retracement and Horizontal overlap support
