On the H4, with prices breaking above the ichimoku indicator and breakout from descending trendline, we have a bullish bias that price will rise from our 1st support at 128.070 where the horizontal overlap resistance and 78.6% fibonacci projection are to our 1st resistance at 128.899 in line with the swing high resistance, 127.2% Fibonacci extension and 78.6% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 127.164 where the horizontal overlap support is.
Trading Recommendation
Entry: 128.070
Reason for Entry:
Horizontal overlap resistance
Take Profit:128.899
Reason for Take Profit:Horizontal swing high resistance, 127.2% Fibonacci extension and 78.6% fibonacci retracement
Stop Loss: 127.164
Reason for Stop Loss:
Horizontal overlap support
