On the H4, with price moving below the Ichimoku cloud and the descending trendline, we have a bearish bias that price will drop from our 1st resistance at 2866 where the 50% Fibonacci retracement and horizontal swing high resistance is to our 1st support at 2753 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 2946 where the 78.6% Fibonacci retracement and horizontal swing high resistance is.
Trading Recommendation
Entry: 2866
Reason for Entry:
50% Fibonacci retracement and horizontal swing high resistance
Take Profit: 2753
Reason for Take Profit:Horizontal swing low supportStop Loss: 2946
Reason for Stop Loss:
78.6% Fibonacci retracement and horizontal swing high resistance
