On the H4, with the price breaking the descending trendline, we have a bullish bias that the price may rise from our 1st resistance at 1.28706, which is in line with 23.6% fibonacci retracement to our 2nd resistance at 1.29382, which is in line with the overlap resistance and 38.2% fibonacci retracement. Alternatively, the price may drop to the 1st support at 1.27652, which is in line with the swing low.
Trading Recommendation
Entry: 1.28706
Reason for Entry: 23.6% fibonacci retracement
Take Profit: 1.29382
Reason for Take Profit: overlap resistance and 38.2% fibonacci retracement
Stop Loss: 1.27652
Reason for Stop Loss:
Swing low
