empty
 
 
19.07.2022 09:18 AM
EURUSD Potential For Bearish Continuation | 19th July 2022

This image is no longer relevant

On the H4, with price moving within the descending trend channel, we have a bearish bias that price will drop from the 1st resistance at 1.02009 at the swing high in line with the 38.2% fibonacci retracement and 100% fibonacci projection to the 1st support at 0.99888 at the swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.03534 at the overlap resistance in line with the 61.8% fibonacci retracement.

Trading Recommendation

Entry: 1.02009

Reason for Entry:

Swing high in line with the 38.2% fibonacci retracement and 100% fibonacci projectionTake Profit: 0.99888

Reason for Take Profit:Swing lowStop Loss: 1.03534

Reason for Stop Loss:

Overlap resistance in line with the 61.8% fibonacci retracement.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback