On the H4, Price is near 1st resistance level of 2746 in line with our horizontal swing high resistance and 50% Fibonacci retracement. Price can potentially dip to the graphical swing low support of 2500 in line with the 100% Fibonacci projection. Our bearish bias is supported by the Ichimoku cloud indicator as price is trading below it. Alternatively, price can go to the 2nd resistance level of 2853 in line with the horizontal overlap resistance.
Trading Recommendation
Entry: 2746
Reason for Entry:
Horizontal swing high resistance and 50% Fibonacci retracement
Take Profit: 2500
Reason for Take Profit: Graphical swing low support and 100% Fibonacci projection
Stop Loss: 2853
Reason for Stop Loss: Horizontal overlap resistance
