On the H4, with prices moving above the ichimoku cloud and breaking the descending trend, we are bullish. Price seems like it's rising toward the first resistance at 0.9657 where the 61.8% fibonacci retracement sits. If price continues with the bullish momentum it will test the second resistance at 0.9737. Alternatively, prices could test the intermediate support at 0.9469 where the swing low sits and then the first support at 0.9369 where the 78.6% fibonacci retracement sits
Trading Recommendation
Entry: 0.9469
Reason for Entry:
Pull back buy entry
Take Profit: 0.9657
Reason for Take Profit:Swing low support and 78.6% retracementStop Loss: 0.9369
Reason for Stop Loss:
Previous swing low and 78.6% projection
