On the H4, with RSI being on bearish momentum, we can expect bearish continuation from our 1st resistance at 2823 in line horizontal graphical overlap resistance and 38.2% Fibonacci retracement towards our 1st support at 2501.17 in line with horizontal overlap support and 161.8% Fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance, which coincides with 23.6% Fibonacci retracement at 2944.66.
Trading Recommendation
Entry: 2823
Reason for Entry:
Horizontal graphical overlap resistance and 38.2% Fibonacci retracement
Take Profit: 2501.17
Reason for Take Profit:
Horizontal graphical overlap support and 161.8% Fibonacci retracement
Stop Loss: 2944.66
Reason for Stop Loss:
23.6% Fibonacci retracement
