On the H4, with price moving along an ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 136.706 where the overlap support, 23.6% fibonacci retracement and 61.8% fibonacci projection are to our 1st resistance at 140.025 in line with the -61.8% fibonacci expansion. Alternatively, price could break 1st support and drop to 2nd support at 134.292 in line with the swing low support and 61.8% fibonacci retracement.
Trading Recommendation
Entry: 136.706
Reason for Entry:
Horizontal overlap support, 23.6% fibonacci retracement and 61.8% fibonacci projection
Take Profit: 140.025
Reason for Take Profit:-61.8% fibonacci expansion
Stop Loss: 134.292
Reason for Stop Loss:
Swing low support and 61.8% fibonacci retracement
