On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 3414 in line with the horizontal swing high resistance and 161.8% Fibonacci extension level from our 1st support of 3269 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support at 3187 in line with the horizontal pullback support.
Trading Recommendation
Entry: 3269
Reason for Entry:
Horizontal pullback support
Take Profit: 3414
Reason for Take Profit:Horizontal swing high resistance and 161.8% Fibonacci extension
Stop Loss: 3187
Reason for Stop Loss:
Horizontal pullback support
