On the H4, with price expected to bounce off the stochastics indicator support, we have a bullish bias that price will rise to our 1st resistance at 1885 in line with the 50% Fibonacci retracement and horizontal swing high resistance level from our 1st support of 1737 in line with the horizontal swing low support. Alternatively, price may break 1st support and head for 2nd support at 1694 in line with the 127.2% Fibonacci extension.
Trading Recommendation
Entry: 1737
Reason for Entry: Horizontal swing low support
Take Profit: 1885
Reason for Take Profit: 50% Fibonacci retracement and horizontal swing high resistanceStop Loss: 1694
Reason for Stop Loss:
127.2% Fibonacci extension
