On the H4, with price moving in our descending wedge, we have a bearish bias that price will drop to the 1st support at 1723 in line with the horizontal swing low support from our 1st resistance at 1841 in line with the 61.8% fibonacci retracement and horizontal swing high resistance. Alternatively, price may break support structure and head for 2nd resistance at 1905 in line with the 61.8% Fibonacci retracement and 100% Fibonacci projection.
Trading Recommendation
Entry: 1841
Reason for Entry: 61.8% fibonacci retracement and horizontal swing high resistance
Take Profit: 1723
Reason for Take Profit: Horizontal swing low supportStop Loss: 1905
Reason for Stop Loss:
61.8% Fibonacci retracement and 100% Fibonacci projection
