On the H4 chart, as the price is moving above ichimoku cloud and ascending channel, the price may drop to the 1st support at 0.58423, where the 61.8% fibonacci retracement is and rise to the 1st resistance at 0.59993, where the swing high and 127.2% fibonacci extension are. Alternatively, the price may drop to the 2nd support at 0.57421, which is in line with the previous swing low.
Trading Recommendation
Entry: 0.58423
Reason for Entry:
61.8% fibonacci retracement
Take Profit: 0.59993
Reason for Take Profit:Swing high and 127.2% fibonacci extension
Stop Loss: 0.57421
Reason for Stop Loss:
Previous swing low.
