On the H4, with price moving above the Ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 3884 in line with the 61.8% Fibonacci retracement from our 1st support of 3443 in line with the 38.2% Fibonacci retracement . Alternatively, price may break entry structure and head for our 2nd support at 3208 in line with the 38.2% Fibonacci retracement and pullback support.
Trading Recommendation
Entry: 3443
Reason for Entry:
Horizontal pullback support and 38.2% Fibonacci retracement
Take Profit: 3884
Reason for Take Profit:Horizontal overlap resistance and 61.8% Fibonacci retracement
Stop Loss: 3208
Reason for Stop Loss:
Horizontal pullback support and 38.2% Fibonacci retracement
