On the H4, with prices moving within an ascending channel and respecting the Ichimoku cloud, we are bullish biased. Price is now testing at the first resistance, 1.219 where the overlap support is. pullback resistance and 100% Fibonacci projection are. Once prices break the first resistance and there is upside confirmation, we would expect bullish momentum to carry price to 2nd resistance at 1.231 is. Alternatively, price could drop to 1st support at 1.209 where the 23.6% Fibonacci extension and pullback support is
Trading Recommendation
Entry: 1.209
Reason for Entry:Pullback resistance
Take Profit: 1.224
Reason for Take Profit: 78.6 Fibonacci retracement and it respects the bullish channel
Stop Loss: 1.200
Reason for Stop Loss:
38.2 Fibonacci retracement
