On the H4,with price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 2443 in line with the horizontal swing low support and 61.8% Fibonacci projection from our 1st resistance at 2761 in line with the horizontal overlap resistance and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 2880 in line with the horizontal swing high resistance.
Trading Recommendation
Entry: 2761
Reason for Entry:
Horizontal overlap resistance
Take Profit: 2443
Reason for Take Profit:Horizontal swing low support and 61.8% Fibonacci projection
Stop Loss: 2880
Reason for Stop Loss:Horizontal swing high resistance
