On the H4, with price recently breaking the descending trend channel, moving above the ichimoku cloud and short term ascending support, we have a bullish bias that price will rise from the 1st support at 0.62177 at the overlap support. If price breaks the intermediary resistance at 0.62707 at the swing high in line with the 61.8% fibonacci retracement and 100% fibonacci projection, we will have upside confirmation that price will rise to the 1st resistance at 0.63269 at the swing high in line with the 78.6% fibonacci retracement. Alternatively, price may break the support structure at the 1st support and drop to the 2nd support at 0.61419 at the pullback support.
Trading Recommendation
Entry: 0.62177
Reason for Entry:
Overlap supportTake Profit: 0.63269
Reason for Take Profit:Swing high in line with the 78.6% fibonacci retracement
Stop Loss: 0.61419
Reason for Stop Loss:
Pullback support.
