On the H4, with price breaking out of the descending trendline and moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1559.82 where the overlap support is to the 1st resistance at 1725.44 where the swing high resistance and 50% fibonacci retracement are. Alternatively, price could break 1st support and drop to 2nd support at 1419.94 where the swing low support, 78.6% fibonacci projection and 161.8% fibonacci extension are.
Trading Recommendation
Entry: 1559.82
Reason for Entry:Overlap support
Take Profit: 1725.44
Reason for Take Profit:Swing high resistance and 50% fibonacci retracement
Stop Loss: 1419.94
Reason for Stop Loss:Swing low support, 78.6% fibonacci projection and 161.8% fibonacci extension
