On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 133.020 where the horizontal pullback support is to our 1st resistance at 136.449 in line with the 200% fibonacci extension and 100% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 131.259 where the horizontal overlap support is.
Trading Recommendation
Entry: 133.020
Reason for Entry:
Horizontal pullback support
Take Profit: 136.449
Reason for Take Profit:200% fibonacci extension and 100% fibonacci projectionStop Loss: 131.259Reason for Stop Loss:
Horizontal overlap support
