On the H4, current price is moving above the ichimoku cloud suggesting a continuation of its bullish momentum. Price may possibly head to 1st resistance at 1.36618 in line with the 78.6% Fibonacci retracement as price is currently at both the channel support, ichimoku support and a graphical overlap support which is a strong key area for a reversal upwards. Otherwise, if price breaks 1st support structure and the channel structure and ichimoku cloud, we may likely see it head down for 2nd support at 1.35416 in line with the 127.2% Fibonacci projection.
Reason for Entry:
Horizontal overlap support and 100% Fibonacci projection
Take Profit: 1.36618
Reason for Take Profit:
78.6% Fibonacci retracement and Horizontal swing high resistance
Reason for Stop Loss:
127.2% Fibonacci retracement and Graphical overlap resistanceThe material has been provided by InstaForex Company - www.instaforex.com