31.10.2022 07:14 AM
On the H4 chart, as the price is breaking the descending trendline and the price is above ichimoku cloud, we have a bullish bias that the price may rise from the 1st support at 0.57871, which is in line with the previous swing low to the 1st resistance at 0.59963, where the 50% fibonacci retracement is. Alternatively, the price may drop to the 1st support at 0.57207, where the previous swing low and 50% fibonacci retracement are.
Trading Recommendation
Entry: 0.57871
Reason for Entry:Previous swing low
Take Profit: 0.59963
Reason for Take Profit:
Overlap resistance and 50% fibonacci retracement
Stop Loss: 0.57207
Reason for Stop Loss:
Previous swing low and 50% fibonacci retracement
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