On the H4, with the price breaking the descending trendline and below ichimoku cloud, we have a bullish bias that the price may rise from our 1st resistance at 1.29451, which is in line with 100% fibonacci projection to our 2nd resistance at 1.30233, which is in line with the 161.8% fibonacci projection. Alternatively, the price may drop to the 1st support at 1.28835, which is in line with 50% fibonacci retracement and pullback support.
Trading Recommendation
Entry:1.29451
Reason for Entry: 100% fibonacci projection
Take Profit: 1.30233
Reason for Take Profit: 161.8% fibonacci projection
Stop Loss: 1.28835
Reason for Stop Loss:
50% fibonacci retracement and pullback support
