On the H4, with price expected to reverse off the Ichimoku cloud resistance, we have a bearish bias that price will drop from our 1st resistance at 2965 where the 50% Fibonacci retracement and horizontal swing high resistance is to our 1st support at 2860 in line with the horizontal pullback support and 50% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 3032 where the 61.8% Fibonacci retracement and horizontal swing high resistance is.
Trading Recommendation
Entry: 2965
Reason for Entry:
50% Fibonacci retracement and horizontal swing high resistanceTake Profit: 2860
Reason for Take Profit:Horizontal pullback support and 50% Fibonacci retracement
Stop Loss: 3032
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal swing high resistance