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 1810 in line with the horizontal pullback resistance level from our 1st support of 1709 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 1622 in line with the fibonacci confluence area of 127.2% Fibonacci extension and 100% fibonacci projection.
Trading Recommendation
Entry: 1709
Reason for Entry: Horizontal swing low support and 78.6% Fibonacci projection
Take Profit: 1810
Reason for Take Profit: Horizontal pullback resistanceStop Loss: 1622
Reason for Stop Loss:
-27.2% Fibonacci expansion, 127.2% Fibonacci extension and 100% fibonacci projection
