On the H4, with price moving above the ichimoku cloud which indicates a bullish momentum, we are expecting to see price rise to 1st resistance at 1.24312 in line with the 78.6% Fibonacci retracement and graphical swing high resistance from 1st support at 1.23964 in line with the 38.2% Fibonacci retracement levels and graphical overlap resistance. Alternatively, we may see price break structure at 1st support and head for 2nd support at 1.23797 in line with the 61.8% Fibonacci retracement, 78.6% Fibonacci extension and graphical overlap resistance.
Reason for Entry:
38.2% Fibonacci retracement and graphical overlap resistance
Reason for Take Profit:
78.6% Fibonacci retracement and graphical swing high resistance
Reason for Stop Loss:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and graphical overlap resistanceThe material has been provided by InstaForex Company - www.instaforex.com