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Forex Analysis & Reviews: EURUSD Potential For Bearish Continuation | 28th September 2022
time 28.09.2022 12:04 PM
time Relevance up to, 29.09.2022 12:04 PM

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On the H4, price is moving within the channel in a descending manner- we are bearish biased. Price is testing the first support at 0.9550 where the previous swing low and 161.8% extension sits. If it breaks this level, we have a strong bearish confirmation to bring price down to 0.8497 levels where the previous swing low sits. Alternatively it might pull back to test the first resistance at 0.9692 where the 23.6% retracement and 145% extension sits, then the second resistance at 0.9907 where the 50% retracement and 100% projection sits

Trading Recommendation

Entry: 0.9550

Reason for Entry:

Breakout sell entry, 161.8% extension and swing low

Take Profit: 0.8442

Reason for Take Profit:Previous swing low

Stop Loss: 0.9692

Reason for Stop Loss:

Previous swing low, 50% retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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