On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 2887 where the pullback resistance is to our 1st support at 2753 in line with the horizontal overlap support and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal pullback support at 2966.
Trading Recommendation
Entry: 2887
Reason for Entry:
Horizontal pullback resistance
Take Profit: 2753
Reason for Take Profit:Horizontal overlap support and 61.8% Fibonacci retracement
Stop Loss: 2966
Reason for Stop Loss:
Horizontal pullback resistance
