On the H4 time frame, prices are approaching the support zone at 1643.00, in line with the Fibonacci confluence levels where a throwback to this area presents an opportunity to play the bounce to the next resistance zone at 1687.00. This resistance zone coincides with the descending trend line, 61.8% Fibonacci retracement and 100% Fibonacci extension level. Stochastic is testing support at 1.91 as well, where we could see more upside, in line with prices.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.