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 3166 where the horizontal swing high resistance and 50% Fibonacci retracement is from our 1st support at 2753 in line with the horizontal pullback support and 61.8% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal swing low support and 78.6% Fibonacci retracement at 2510.
Trading Recommendation
Entry: 2753
Reason for Entry:
Horizontal swing high resistance and 50% Fibonacci retracement
Take Profit: 3166
Reason for Take Profit:Horizontal pullback support and 61.8% Fibonacci retracement
Stop Loss: 2510
Reason for Stop Loss:
Horizontal swing low support and 78.6% Fibonacci retracement
