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Forex Analysis & Reviews: EURUSD Potential for Bullish Continuation | 2nd December 2022
time 02.12.2022 01:48 PM
time Relevance up to, 03.12.2022 01:48 PM

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Looking at the H4 chart, my overall bias for EURUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. To add confluence to this bias, price has also broken above the ascending trend line. If this bullish momentum continues, expect the price to possibly head towards the 1st resistance at 1.06014, where the previous swing high is located. In an alternate scenario, price could possibly head back down to retest the 1st support level at 1.04818, where the previous high is located.

Trading Recommendation

Entry: 1.04818

Reason for Entry:

1st support line

Take Profit: 1.06014

Reason for Take Profit:1st resistance line and previous swing high

Stop Loss: 1.03929

Reason for Stop Loss:

Previous minor low

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
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