On the H4, with the price moving above the ascending trendline and above ichimoku cloud, we have a bullish bias that the price may break the 1st resistance at 0.99598, which is in line with the 61.8% fibonacci retracement and rise to the 2nd resistance at 1.00826, where the previous swing highs are. Alternatively, the price may drop to the 1st support at 0.98644, which is in line with the 50% fibonacci retracement and overlap support. If the 1st support is broken, the 2nd support is at 0.97456, which is in line with the swing low and 61.8% fibonacci
Trading Recommendation
Entry: 0.99598
Reason for Entry: 61.8% fibonacci retracement
Take Profit: 1.00826
Reason for Take Profit:
previous swing highs
Stop Loss: 0.98644
Reason for Stop Loss:
50% fibonacci retracement and overlap support
