On the H4, with price moving above the Ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.25009 where the horizontal overlap support is to our 1st resistance at 1.25889 in line with the 78.6% Fibonacci projection and horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.23967 where the horizontal overlap support and 61.8% Fibonacci retracement are.
Trading Recommendation
Entry: 1.25009
Reason for Entry:
Horizontal overlap support
Take Profit:1.25889
Reason for Take Profit:78.6% Fibonacci projection and Horizontal swing high resistanceStop Loss: 1.23967
Reason for Stop Loss:
Horizontal overlap support and 61.8% Fibonacci retracement
