On the H4, Price is near 1st resistance level of 2666 in line with our horizontal swing high resistance. Price can potentially dip to the graphical overlap support of 2501 in line with the 61.8% 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 2857 in line with the horizontal overlap resistance and 127.2% Fibonacci extension is.Trading Recommendation
Entry: 2666
Reason for Entry:
Horizontal swing high resistance
Take Profit: 2501
Reason for Take Profit:
Graphical overlap support and 61.8% Fibonacci projection
Stop Loss: 2857
Reason for Stop Loss:Horizontal overlap resistance and 127.2% Fibonacci extension
