Looking at the H4 chart, my overall bias for EURUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. To add confluence to this bias, price has also broken above the ascending trend line. If this bullish momentum continues, expect the price to possibly head towards the 1st resistance at 1.06014, where the previous swing high is located. In an alternate scenario, price could possibly head back down to retest the 1st support level at 1.04818, where the previous high is located.
Trading Recommendation
Entry: 1.04818
Reason for Entry:
1st support line
Take Profit: 1.06014
Reason for Take Profit:1st resistance line and previous swing high
Stop Loss: 1.03929
Reason for Stop Loss:
Previous minor low
