On the H4, with price expected to bounce off the RSI indicator, we have a bullish bias that price will rise to our 1st resistance at 3180.90 in line with graphical overlap and 127.2% Fibonacci projection from our 1st support of 2971.83 in line with the horizontal overlap support and 50% Fibonacci retracement and 78.6% Fibonacci retracement. Alternatively, price may break entry structure and head for our 2nd support at 2846.07 in line with the 50% Fibonacci retracement and 61.8 Fibonacci retracement.
Trading Recommendation
Entry: 2971.83
Reason for Entry:
Horizontal overlap support and 50% Fibonacci retracement and 78.6% Fibonacci retracement
Take Profit: 3180.90
Reason for Take Profit:Graphical overlap and 127.2% Fibonacci projection
Stop Loss: 2846.07
Reason for Stop Loss:
50% Fibonacci retracement and 61.8 Fibonacci retracement
