Description:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 135.536 in line with the pullback support and 23.6% fibonacci retracement to our 1st resistance at 138.846 where the 161.8% fibonacci extension and 78.6% fibonacci projection are . Alternatively, price may break 1st support structure and head for 2nd support at 131.607 in line with the swing low support,78.6% fibonacci projection and 50% fibonacci retracement.
Trading Recommendation
Entry: 135.536
Reason for Entry:horizontal pullback support and 23.6% fibonacci retracement
Take Profit: 138.846
Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projection
Stop Loss: 131.607
Reason for Stop Loss: horizontal swing low support,78.6% fibonacci projection and 50% fibonacci retracement