On the H4, with price currently moving above the Ichimoku cloud, we have a bias that price will drop to our support at 2203 in line with the swing low support from our 1st resistance at 2973 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 3406 in line with the horizontal swing high resistance and 100% Fibonacci projection.
Trading Recommendation
Entry: 2973
Reason for Entry:
Horizontal swing high resistance and 61.8% Fibonacci retracement
Take Profit: 2203
Reason for Take Profit: Horizontal swing low support
Stop Loss: 3406
Reason for Stop Loss: Horizontal swing high resistance and 100% Fibonacci projection
