On the H4, with price expected to bounce off the stochastics indicator , we have a bullish bias that price will rise to our 1st resistance at 3589 in line with the horizontal swing high resistance and 127.2% Fibonacci extension from our 1st support of 3246 in line with the horizontal overlap support and 38.2% Fibonacci retracement . Alternatively, price may break entry structure and head for our 2nd support at 3019 in line with the 50% Fibonacci retracement and pullback support.
Trading Recommendation
Entry: 3246
Reason for Entry:
Horizontal overlap support and 38.2% Fibonacci retracement
Take Profit: 3589
Reason for Take Profit:Horizontal swing high resistance and 127.2% Fibonacci extension
Stop Loss: 3019
Reason for Stop Loss:
Horizontal pullback support and 50% Fibonacci retracement
