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25.04.2022 09:38 AM
DXY Potential for Bearish Reversal | 25th April 2022

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On the H4 timeframe, price is near to the key resistance level. We expect a potential bearish reversal from 1st resistance level of 101.351 which is in line with 127.2% fibonacci extension and 100% fibonacci projection towards the 1st support level of 99.842 which is in line 38.2% fibonacci retracement and 78.6% fibonacci projection. Alternatively, price might break through the key resistance level and rise towards the 2nd resistance level of 101.746 which is in line with 161.8% fibonacci extension.

Trading Recommendation

Entry: 101.351

Reason for Entry:

127.2% fibonacci extension and 100% fibonacci projection.

Take Profit: 99.842

Reason for Take Profit:38.2% fibonacci retracement and 78.6% fibonacci projection.

Stop Loss: 101.746

Reason for Stop Loss:

161.8% fibonacci extension.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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