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21.10.2022 02:29 PM
EURUSD Potential for Bullish Momentum | 21st October 2022

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On the H4, price is moving within the descending trendline in a descending manner, with the price moving below ichimoku cloud- we are still overall bearish biased. Price has pulled back slightly and it looks like bearish momentum might bring price to 0.9695 where the 78.6% retracement sits. if it breaks this level, price would test the second support at 0.9535 where the swing low and 161.8% extension sit. Alternatively, price might test the first resistance at 0.9861 w here the 78.6% retracement sits. If price breaks this level, it may test the second resistance at 0.9996, where the previous swing high sits.

Trading Recommendation

Entry: 0.9861

Reason for Entry:

Breakout buy entry, 61.8% fibonacci retracement

Take Profit: 0.9996

Reason for Take Profit:Previous swing high

Stop Loss: 0.9761

Reason for Stop Loss:

Previous swing low 50% retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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