On the H4, with price moving in an ascending channel, we have a bullish bias that price will rise from our 1st support at 1497.46 where is in line with the 78.6% fibonacci retracement to the 1st resistance at 1631.62 in line with the swing high. Alternatively, price may break the support structure at the 1st support and drop to the 2nd support at 1420.50, which is in line with 78.6% fibonacci projection and 61.8% fibonacci retracement.
Trading Recommendation
Entry: 1497.46 Reason for Entry:78.6% fibonacci retracement
Take Profit: 1631.62
Reason for Take Profit:Swing high
Stop Loss: 1420.50
Reason for Stop Loss: 78.6% fibonacci projection and 61.8% fibonacci retracement
