On the H4, we see the price is near pivot level and it is on a bearish momentum. Price can potentially dip from 1st resistance level of 341.00 in line with the 78.6% Fibonacci retracement towards the 1st support level of 315.14 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Alternatively, price might break through the key resistance structure and head for our 2nd resistance level of 353.35 in line with 100% Fibonacci projection and 161.8% Fibonacci extension.
Trading Recommendation
Entry: 341.00
Reason for Entry:
78.6% Fibonacci retracement
Take Profit: 315.14
Reason for Take Profit:100% Fibonacci projection and 61.8% Fibonacci retracement.
Stop Loss: 353.35
Reason for Stop Loss:
100% Fibonacci projection and 161.8% Fibonacci extension.
