On the H4, with price moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to 1st resistance at 1651.19 where the pullback resistance is. Once there is upside confirmation that price has broken 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 1723.42 where the swing high resistance and 78.6% fibonacci projection are. Alternatively, price could drop to the 1st support at 1562.81 where the overlap support is.
Trading Recommendation
Entry: 1651.19
Reason for Entry:
Pullback resistance
Take Profit: 1723.42
Reason for Take Profit:
Swing high resistance and 78.6% fibonacci projection
Stop Loss: 1562.81
Reason for Stop Loss:
Overlap support
