On the H4, with price breaking out of an ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from the 1st resistance at 1642.25 where the pullback resistance is to the 1st support at 1357.12 where the swing low support and 61.8% fibonacci projection are. Alternatively, price could break 1st resistance and rise to 2nd resistance at 1792.30 where the overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.
Trading Recommendation
Entry: 1642.25
Reason for Entry:Pullback resistance
Take Profit: 1357.12
Reason for Take Profit:Swing low support and 61.8% fibonacci projection
Stop Loss: 1792.30
Reason for Stop Loss:Overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection
