On the H4, with the price above the ichimoku cloud and moving within the ascending trendline, we have a bullish bias that if the price break the 1st resistance at 1.30600, which is the current swing high, the price may rise to the 2nd resistance at 1.31181, which is in line with 78.6% fibonacci retracement. Alternatively, the price may drop to the 1st support at 1.29836, where the 23.6% fibonacci retracement is.
Trading Recommendation
Entry:1.30600
Reason for Entry:Current swing high
Take Profit: 1.31181
Reason for Take Profit: 78.6% fibonacci retracement
Stop Loss: 1.29836
Reason for Stop Loss:
23.6% fibonacci retracement
