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 bullish channel. If this bullish momentum continues, expect the price to possibly head towards the 1st resistance at 1.07652, where the previous swing high is. In an alternate scenario, price could possibly head back down to break the 1st support level at 1.06014, where the previous swing high and 78.6% Fibonacci line are located before heading towards the 2nd support at 1.04484, where the 38.2% Fibonacci line is.
Trading Recommendation
Entry: 1.06581
Reason for Entry: Buy stop entry to ride the bullish momentum to the upside
Take Profit: 1.07652
Reason for Take Profit:
1st resistance line
Stop Loss: 1.05758
Reason for Stop Loss:
Slightly below the 1st support line and where the recent low is
