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Forex Analysis & Reviews: ETHUSD Potential For Bullish Momentum | 7th October 2022
time 07.10.2022 12:01 PM
time Relevance up to, 08.10.2022 12:01 PM

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On the H4 chart, ETHUSD is bearish. Price has closed above the Ichimoku cloud, signaling a bullish market in the immediate term. Overnight, the price has continued to rise in a bullish trend. Price is projected to continue rising until the first resistance level at 1420.74, which corresponds to the last swing low.

Trading Recommendation

Entry: 1420.74

Reason for Entry: The 38.2% Fibonacci retracement line, the 100% Fibonacci line, and the previous swing low have all intersected.

Take Profit: 1193.06

Reason for Take Profit: 161.8% Fibonacci extension line

Stop Loss: 1520.00

Reason for Stop Loss:

Slightly above the 50% Fibonacci retracement line

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
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