Looking at the H4 chart, my overall bias for EURUSD is bullish due to the current price attempting to cross above the Ichimoku cloud, indicating a possible shift to bullish market structure. If this bullish momentum continues, expect the price to possibly break the 1st resistance at 1.06622, where the 78.6% Fibonacci line is, before heading towards the 2nd resistance at 1.07138, where the previous high and liquidity hotspots are. In an alternate scenario, price could possibly head back down to retest the 1st support level at 1.05948, where the 50% Fibonacci line is.
Trading Recommendation
Entry: 1.05948
Reason for Entry: Retest 1st support line
Take Profit: 1.07138
Reason for Take Profit:
2nd resistance line and liquidity hotspot area
Stop Loss: 1.04818
Reason for Stop Loss:
2nd support line and previous swing low
