On the H4 chart, as the price is breaking the descending trendline and the price is above ichimoku cloud , we have a bullish bias that the price may rise from the 1st support at 0.58565, which is in line with the previous swing high to the 1st resistance at 0.59963, where the overlap resistance and 50% fibonacci retracement are. Alternatively, the price may drop to the 2nd support at 0.56556, where the previous swing low and 61.8% fibonacci retracement are.
Trading Recommendation
Entry: 0.58565
Reason for Entry:Previous swing high
Take Profit: 0.59963
Reason for Take Profit:
Overlap resistance and 50% fibonacci retracement
Stop Loss: 0.56556
Reason for Stop Loss:
Previous swing low and 61.8% fibonacci retracement
