On the H4, price has pushed through the 1st Resistance at 1420.81 where the previous swing low sat. Price has also pushed through the 1st support at 1356.35 where the 127.2% Fibonacci extension lies and reflected off the second support at 1281.37 where the 138.2% Fibonacci Extension lies. Price could possibly head back down below the second support and head lower or head back up towards the first resistance.
Trading Recommendation
Entry: 1322.53
Reason for Entry: Price has came back down to the 61.8% Fibonacci retracement
Take Profit: 1420.81
Reason for Take Profit: Previous swing low area and 100% projection
Stop Loss: 1279
Reason for Stop Loss:Previous swing low
