On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise to our 1st overlap resistance at 1.0591 where the 61.8% Fibonacci retracement is from our 1st support at 1.07056, where price has recently bounced off. Alternatively, price may break 1st support structure and head for 2nd support at 1.0542 in line with the 23.6% fibonacci retracement.
Trading Recommendation
Entry:1.07056Reason for Entry:
Overlap support
Take Profit: 1.0591
Reason for Take Profit:
61.8% Fibonacci retracementStop Loss: 1.0542Reason for Stop Loss:23.6% Fibonacci retracement
