On the H4,with price expected to bounce off the RSI indicator, we have a bullish bias that price will rise to our 1st resistance at 2762 in line with the horizontal swing high resistance and 78.6% Fibonacci projection from our 1st support of 2507 in line with the horizontal swing low support. Alternatively, price may break 1st support and head for 2nd support at 2372 in line with the horizontal swing low support and 61.8% Fibonacci projection level.
Trading Recommendation
Entry: 2507
Reason for Entry:
Horizontal swing low support
Take Profit: 2762
Reason for Take Profit:Horizontal swing high resistance and 78.6% Fibonacci projection
Stop Loss: 2372
Reason for Stop Loss:
Horizontal swing low support and 61.8% Fibonacci projection
