On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 133.638 where the horizontal swing low support and 23.6% fibonacci retracement are to our 1st resistance at 136.314 in line with the 100% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 131.259 where the horizontal overlap support and 50% fibonacci retracement are.
Trading Recommendation
Entry: 133.638
Reason for Entry:
Horizontal swing low support and 23.6% fibonacci retracement
Take Profit: 136.314
Reason for Take Profit:
100% fibonacci projection
Stop Loss: 131.259
Reason for Stop Loss:
Horizontal overlap support and 50% fibonacci retracement
