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05.07.202210:55 Forex Analysis & Reviews: EURAUD Potential For Bullish Continuation | 5th July 2022

Exchange Rates 05.07.2022 analysis

On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.04882 at the overlap resistance in line with the 50% fibonacci retracement to the 1st support at 1.03483 at the swing low in line with the two 61.8% fiboinacci projections. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.05944 the multiple swing high in line with the 61.8% fibonacci retracement.

Trading Recommendation

Entry: 1.04882

Reason for Entry:

Overlap resistance in line with the 50% fibonacci retracementTake Profit: 1.03483

Reason for Take Profit:Swing low in line with the two 61.8% fibonacci projectionsStop Loss: 1.05944

Reason for Stop Loss:

Multiple swing high in line with the 61.8% fibonacci retracement.

*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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