On the H4, with price moving above the Ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.23920 where the horizontal overlap support is to our 1st resistance at 1.25474 in line with the 61.8% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 1.23329 where the horizontal swing low support and 78.6% Fibonacci projection are.
Trading Recommendation
Entry: 1.23920
Reason for Entry:
Horizontal overlap support
Take Profit:1.25474
Reason for Take Profit:61.8% Fibonacci projection
Stop Loss: 1.23329
Reason for Stop Loss:
Horizontal swing low support and 78.6% Fibonacci projection
