On the H4, with price currently moving within the Ichimoku cloud, we have a bias that price will drop to our support at 2515 in line with the 61.8% Fibonacci retracement from our 1st resistance at 2717 in line with the 50% Fibonacci retracement and horizontal overlap resistance. Alternatively, price may break 1st resistance and head for 2nd resistance at 2834 in line with the 78.6% Fibonacci retracement.
Trading Recommendation
Entry: 2717
Reason for Entry:
Graphical overlap support and 50% Fibonacci projection
Take Profit: 2515
Reason for Take Profit:
Graphical overlap support and 61.8% Fibonacci projection
Stop Loss: 2834
Reason for Stop Loss:
Horizontal overlap resistance and 78.6% Fibonacci retracement