On the H4, with the MACD showing a bullish divergence, we have a bullish bias that price will rise to our 1st resistance at 2124 in line with the 23.6% Fibonacci retracement and horizontal swing high resistance level from our 1st support of 1730 in line with the horizontal swing low support and 78.6% Fibonacci projection. Alternatively, price may break 1st support and head for 2nd support at 1625 in line with the fibonacci confluence area of -27.2% Fibonacci expansion, 127.2% Fibonacci extension and 100% fibonacci projection.
Trading Recommendation
Entry: 1730
Reason for Entry: Horizontal swing low support and 78.6% Fibonacci projection
Take Profit: 2124
Reason for Take Profit: 23.6% Fibonacci retracement and horizontal swing high resistanceStop Loss: 1625
Reason for Stop Loss:
-27.2% Fibonacci expansion, 127.2% Fibonacci extension and 100% fibonacci projection
