On the H4, with price breaking the bearish channel, having a bullish breakout and moving above the ichimoku indicator, we have a bullish bias that price may rise from our 1st resistance at 126.53, which is in line with the overlap resistance to 2nd resistance at 131.40 where is in line with the close swing high. Alternatively, the price may drop to 1st support at 119.00, which is in line with 38.2% fibonacci retracement and pullback resistance.
Trading Recommendation
Entry: 126.53
Reason for Entry:Overlap resistance
Take Profit: 131.40
Reason for Take Profit: Swing high
Stop Loss: 119.00
Reason for Stop Loss:
38.2% fibonacci retracement and pullback resisitance
