On the H4, with price expected to bounce off the support of the stochastics indicator, we have a bullish bias that price will rise from the 1st support at 1480c in line with the horizontal swing low support and 161.8% Fibonacci extension to our 1st resistance at 1727 in line with the 50% fibonacci retracement and horizontal pullback resistance. Alternatively, price may break structure and head for 2nd support at 1309 in line with the 161.8% Fibonacci projection level.
Trading Recommendation
Entry: 1727
Reason for Entry: 50% fibonacci retracement and horizontal pullback resistanceTake Profit: 1727
Reason for Take Profit: 50% fibonacci retracement and horizontal pullback resistance
Stop Loss: 1309
Reason for Stop Loss:
161.8% Fibonacci projection
