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05.08.202214:23 Forex Analysis & Reviews: EURUSD Potential For Bullish Continuation | 5th August 2022

Exchange Rates 05.08.2022 analysis

On the H4, prices have broken the bearish trend moving into a bullish biased trend. Price is pulling back to test the first resistance 1.027, which coincides with 61.8% Fibonacci projection and 50% retracement. If prices break 1st resistance, it will test the 2nd resistance at 1.03533. Alternatively, If price fails to break the first resistance it might test the first support at 1.011 level

Trading Recommendation

Entry: 1.0115

Reason for Entry:

Pullback

Take Profit: 1.0278

Reason for Take Profit:50% Fibonacci retracement

Stop Loss: 1.007

Reason for Stop Loss:

Swing low intermediate support level

*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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