On the H4, with price moving above the Ichimoku indicator, we have a bias that price will rise to our 1st resistance at 3589 in line with the horizontal pullback resistance and 127.2% Fibonacci extension from our 1st support at 3240 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 3034 in line with the horizontal pullback support and 38.2% Fibonacci retracement.
Trading Recommendation
Entry: 3240
Reason for Entry:
Horizontal pullback support and 23.6% Fibonacci retracement
Take Profit: 3589
Reason for Take Profit:Horizontal pullback resistance and 127.2% Fibonacci extension
Stop Loss: 3034
Reason for Stop Loss:Horizontal pullback support and 38.2% Fibonacci retracement
