On the H4, with price moving in an ascending trendline and above the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st support at 1.53718 in line with the 50% fibonacci retracement and 61.8% fibonacci projection to the 1st resistance at 1.62023 at the swing high. Alternatively, price may reverse off the 1st support and drop to the 2nd support at the swing low at 1.47852 in line with the 100% fibonacci projection .
Trading Recommendation
Entry: 1.53718
Reason for Entry:
50% fibonacci retracement and 61.8% fibonacci projectionTake Profit: 1.62023
Reason for Take Profit:Swing high
Stop Loss: 1.47852
Reason for Stop Loss:Swing low, 100% fibonacci projection .
