On the H4 chart, the price is moving above the Ichimoku cloud and has broken out of the ascending channel. If this bullish momentum continues, the price may head towards the 1st resistance at 0.61565, which is in line with the previous swing high and 0% fibonacci line. Alternatively, the price may head back towards the 1st support at 0.59998, where the 61.8% Fibonacci projection line is located.
Trading Recommendation
Entry: 0.59998
Reason for Entry:
Previous swing high and 61.8% fibonacci projection
Take Profit: 0.61565
Reason for Take Profit:Previous swing highland 1st resistance line
Stop Loss: 0.58599
Reason for Stop Loss:Slightly below the 61.8% fibonacci retracement and previous swing low
