On the H4, with price recently breaking out of the descending trend channel, we have a bullish bias that price will continue to rise from the 1st support at 1.02158 in line with the 38.2% fibonacci retracement and 100% fibonacci projection to the 1st resistance at 1.03570 at the pullback resistance in line with the 61.8% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 1.01213 at the pullback support.
Trading Recommendation
Entry: 1.02158
Reason for Entry:
38.2% fibonacci retracement and 100% fibonacci projectionTake Profit: 1.03570
Reason for Take Profit:Pullback resistance in line with the 61.8% fibonacci retracement
Stop Loss: 1.01213
Reason for Stop Loss:
Pullback support