On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the 1st resistance at 1.20566 where the pullback support is. Once there is upside confirmation of price breaking 1st resistance, we would expect bullish momentum to carry price to 2nd resistance at 1.21594 where the pullback resistance, 127.2% fibonacci extension and 61.8% fibonacci retracement are. Alternatively, price could drop to 1st support at 1.19320 where the pullback support and 50% fibonacci retracement are.
Trading Recommendation
Entry: 1.20566
Reason for Entry:
Pullback support
Take Profit: 1.21594
Reason for Take Profit:Pullback resistance, 127.2% fibonacci extension and 61.8% fibonacci retracement
Stop Loss: 1.19320
Reason for Stop Loss:
Pullback support and 50% fibonacci retracement
