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 break the 1st resistance at 0.61632, which is in line with the previous swing high and 0% fibonacci line, before heading towards the 2nd resistance line at 0.62504, where the 78.6% Fibonacci line is. 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: 0.61565
Reason for Entry:
1st resistance line
Take Profit: 0.59998
Reason for Take Profit:1st support line and 61.8% Fibonacci projection line
Stop Loss: 0.62504
Reason for Stop Loss:
2nd resistance line and previous swing high
