On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1.27252 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance at 1.28499 in line with the graphical swing high resistance and 78.6% Fibonacci projection. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.26338 in line with the horizontal overlap support.
Trading Recommendation
Entry: 1.27252
Reason for Entry:
Graphical overlap support and 61.8% Fibonacci retracement
Take Profit: 1.28499
Reason for Take Profit:
Graphical swing high resistance and 78.6% Fibonacci projection
Stop Loss: 1.26338
Reason for Stop Loss:
Horizontal overlap support
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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