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05.07.202210:45 Forex Analysis & Reviews: ETHUSD, Potential For Bearish drop | 5th July 2022

Exchange Rates 05.07.2022 analysis

On the H4, with price expected to reverse off the stochastics indicator, we have a bearish bias that price will drop from the 1st resistance at 1177 in line with the horizontal pullback resistance and 61.8% Fibonacci retracement to the 1st support at 1087 in line with the horizontal pullback support. Alternatively, price may break 1st resistance and rise to the 2nd resistance where the 61.8% Fibonacci projection and swing high resistance is.

Trading Recommendation

Entry: 1177 Reason for Entry:Horizontal pullback resistance and 61.8% Fibonacci retracement

Take Profit: 1087

Reason for Take Profit: Horizontal pullback supportStop Loss: 1270

Reason for Stop Loss:

61.8% Fibonacci projection and swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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