On the H4, with price moving below the descending trendline and approaching a resistance level, we have a bearish bias that price will drop from our 1st resistance at 2037 area where the horizontal overlap support, 61.8% Fibonacci retracement and 100% Fibonacci projection is to our 1st support at 1903 in line with the horizontal swing low support and 61.8% Fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 2099 where the horizontal swing high resistance is.
Trading Recommendation
Entry: 2037
Reason for Entry:
Horizontal overlap support, 61.8% Fibonacci retracement and 100% Fibonacci projection
Take Profit: 1903
Reason for Take Profit: Horizontal swing low support and 61.8% Fibonacci projectionStop Loss: 2099
Reason for Stop Loss:
Horizontal swing high resistance
