On the H4, with price currently moving above the Ichimoku cloud, we have a bias that price will rise from our support at 2859 in line with the 23.6%, 38.2% Fibonacci retracement to our 1st resistance at 3191 in line with the horizontal swing high resistance. Alternatively, price may break 1st support and head for 2nd support at 2587 in line with the horizontal swing low support and 61.8% Fibonacci retracement is
Trading Recommendation
Entry: 2859
Reason for Entry:
Graphical overlap support and 38.2% Fibonacci projection
Take Profit: 3191
Reason for Take Profit: Graphical horizontal swing high resistance
Stop Loss: 2587
Reason for Stop Loss: Horizontal swing low support and 61.8% Fibonacci retracement
