On the H4, with price breaking out of an ascending channel and reversing off the ichimoku resistance, we have a bearish bias that price will drop to the 1st support at 1792.30 where the overlap support, 38.2% fibonacci retracement and 100% fibonacci projection are. Once the 1st support structure is broken on the downside, we would expect bearish momentum to carry price to 2nd support at 1642.25 where the pullback support and 61.8% fibonacci retracement is. Alternatively, price could rise to 1st resistance at 1916.72 where the pullback resistance is.
Trading Recommendation
Entry: 1792.30
Reason for Entry:Overlap support, 38.2% fibonacci retracement and 100% fibonacci projection
Take Profit: 1642.25
Reason for Take Profit:
Pullback support and 61.8% fibonacci retracement
Stop Loss: 1916.72
Reason for Stop Loss:
Pullback resistance
