On the H4, with price currently moving above the Ichimoku cloud, we have a bias that price will rise from our support at 2722 in line with the 38.2% Fibonacci retracement to our 1st resistance at 2984 in line with the 78.6% Fibonacci retracement and horizontal overlap resistance. Alternatively, price may break 1st support and head for 2nd support at 2572 in line with the horizontal swing low support
Trading Recommendation
Entry: 2722
Reason for Entry:
Graphical overlap support and 38.2% Fibonacci projection
Take Profit: 2984
Reason for Take Profit: Graphical overlap resistance and 78.6% Fibonacci projection
Stop Loss: 2572
Reason for Stop Loss: Horizontal swing low support
