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07.10.2022 12:06 PM
EURUSD Potential for Bullish Momentum | 7th October 2022

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On the H4, price is moving within the descending trendline but in an ascending manner, with the price above ichimoku cloud,- we are slightly bullish biased. Price may drop to the 1st support at 0.97418, where the 61.8% fibonacci retracement is and bounce off to test the first resistance at 0.99215 where the overlap resistance sits. If price breaks this level, it may test the second resistance at 1.00545, where the 78.6% fibonacci retracement sits. Alternatively, the overall bearish momentum could bring price breaks this 1st resistance, we have a strong bearish confirmation to bring price down to 0.96581 where the swing low sits

Trading Recommendation

Entry: 0.97418

Reason for Entry:61.8% fibonacci retracement

Take Profit: 0.99215

Reason for Take Profit:Overlap resistance

Stop Loss: 0.96581

Reason for Stop Loss:

Previous swing low

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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