On the H4, we see the price is near pivot level. Price can potentially reverse from 1st resistance level of 3089.50 in line with the 61.8% Fibonacci projection towards the 1st support level of 2892.71 in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement. Alternatively, price might break through the key resistance structure and head for our 2nd resistance level of 3152.04 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 3089.50
Reason for Entry:
61.8% Fibonacci projection.Take Profit: 2892.71
Reason for Take Profit:78.6% Fibonacci projection and 61.8% Fibonacci retracement.
Stop Loss: 3152.04
Reason for Stop Loss:
100% Fibonacci projection and 61.8% Fibonacci retracement.
