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10.06.2022 10:32 AM
ETHUSD, Potential For Bearish Drop | 10th June 2022

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On the H4, with price moving in our descending wedge, we have a bearish bias that price will drop to the 1st support at 1723 in line with the horizontal swing low support from our 1st resistance at 1841 in line with the 61.8% fibonacci retracement and horizontal swing high resistance. Alternatively, price may break support structure and head for 2nd resistance at 1905 in line with the 61.8% Fibonacci retracement and 100% Fibonacci projection.

Trading Recommendation

Entry: 1841

Reason for Entry: 61.8% fibonacci retracement and horizontal swing high resistance

Take Profit: 1723

Reason for Take Profit: Horizontal swing low supportStop Loss: 1905

Reason for Stop Loss:

61.8% Fibonacci retracement and 100% Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2026
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