On the H4, with prices moving above the ichimoku indicator and breakout from descending trendline, we have a bullish bias that price will rise from our 1st support at 128.899 where the horizontal pullback support and 78.6% fibonacci projection are to our 1st resistance at 129.643 in line with the swing high resistance, 161.8% Fibonacci extension and 78.6% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 128.070 where the horizontal overlap support is.
Trading Recommendation
Entry: 128.899
Reason for Entry:
Horizontal pullback support and 78.6% fibonacci projection
Take Profit:129.643
Reason for Take Profit:Horizontal swing high resistance, 161.8% Fibonacci extension and 78.6% fibonacci projection
Stop Loss: 128.070
Reason for Stop Loss:
Horizontal overlap support
