Bullish Bounce

Key Levels:
Resistance: 1.2445
Pivot: 1.23151
Support: 1.22736

Preferred Case:
On the H4, with price moving above the Ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 1.2445 in line with horizontal swing high resistance and 161.8% Fibonacci extension from our pivot of 1.23151 in line with our horizontal pullback support. Our bullish bias is further supported by how price recently broke the ascending channel.

Alternative Scenario:
Alternatively, price may break structure and head for the 1st support at 1.22736 in line with the horizontal overlap support.