On the H4 chart, we have a bullish bias with the price moving above the Ichimoku cloud and has broken out of the ascending channel. If this bullish momentum continues, expect the price to head towards the 1st resistance line at 0.62504, where the 78.6% Fibonacci line is. Alternatively, the price may head back down and break the 1st support at 0.61632, where the previous swing high is located, before heading towards the 2nd support at 0.59998 where the 61.8% Fibonacci line is.
Trading Recommendation
Entry: 0.62032
Reason for Entry:
Previous swing high
Take Profit: 0.63525
Reason for Take Profit:2nd resistance line
Stop Loss: 0.60868
Reason for Stop Loss:
Previous swing low
