On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 3197 in line with the horizontal swing high resistance and 127.2% Fibonacci extension level from our 1st support of 2925 in line with the horizontal pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 2843 in line with the horizontal pullback support and 38.2% Fibonacci retracement
Trading Recommendation
Entry: 2925
Reason for Entry:
Horizontal pullback support and 23.6% Fibonacci retracement
Take Profit: 3197
Reason for Take Profit:Horizontal swing high resistance and 127.2% Fibonacci extension
Stop Loss: 2843
Reason for Stop Loss: Horizontal pullback support and 38.2% Fibonacci retracement
