Type:
Bullish Bounce

Key Levels:
Resistance: 1.26296
Pivot: 1.23994
Support: 1.22793

Preferred Case:
On the H4, with price moving above the Ichimoku indicator and the recent breakthrough in our descending trendline, we have a bullish bias that price will rise from our pivot at 1.23994 where the 23.60% Fibonacci retracement and horizontal overlap support is to our 1st resistance at 1.26296 in line with the horizontal swing high resistance.

Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.22793 where the horizontal pullback support and 61.8% Fibonacci retracement is.