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 3173 where the horizontal swing high resistance and 50% Fibonacci retracement is from our 1st support at 2887 in line with the horizontal swing low pullback support. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal overlap support and 61.8% Fibonacci retracement at 2753.
Trading Recommendation
Entry: 3173
Reason for Entry:
Horizontal swing high resistance and 50% Fibonacci retracement
Take Profit: 2753
Reason for Take Profit:Horizontal swing low pullback support
Stop Loss: 2753
Reason for Stop Loss:
Horizontal overlap support and 61.8% Fibonacci retracement
