On the H4, with price recently breaking the descending trend channel and moving above the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st resistance at 0.62018 in line with the 61.8% fibonacci retracement and 78.6% Fibonacci projection to the 2nd resistance at 0.62529 at the pullback resistance in line with the 61.8% fibonacci projection. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.61717 at the pullback support.
Trading Recommendation Entry: 0.62018
Reason for Entry:
61.8% fibonacci retracement and 78.6% Fibonacci projectionTake Profit: 0.62529
Reason for Take Profit:Pullback resistance in line with the 61.8% fibonacci projection
Stop Loss: 0.61717
Reason for Stop Loss:Pullback support
