On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the 1st support at 1.21594 where the pullback support is to the 1st resistance at 1.23207 where the swing high resistance and 127.2% fibonacci extension are. Alternatively, price could break 1st support and drop to 2nd support at 1.20566 where the pullback support and 38.2% fibonacci retracement are.
Trading Recommendation
Entry: 1.21594
Reason for Entry:
Pullback support
Take Profit: 1.23207
Reason for Take Profit:Swing high resistance and 127.2% fibonacci extension
Stop Loss: 1.20566
Reason for Stop Loss:
Pullback support and 38.2% fibonacci retracement
