On the H4, the price is crossing the ichimoku cloud and RSI is rising over 50, we expect that the price may rise to test the 1st resistance at 0.56862, where the 50% fibonacci retracement is. After testing the 1st resistance, the price may drop to the 1st support at 0.55338, which is in line with the swing low. Alternatively, the price may break the 1st resistance and rise to the 2nd resistance could be at 0.58119, which is in line with the 38.2% fibonacci retracement and overlap resistance.
Trading Recommendation
Entry: 0.56862
Reason for Entry: 50% fibonacci retracement
Take Profit: 0.55338
Reason for Take Profit:
Swing low
Stop Loss: 0.58119
Reason for Stop Loss:
38.2% fibonacci retracement and overlap resistance
