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20.05.2022 06:38 AM
ETHUSD, Potential For Bearish Continuation | 20th May 2022

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On the H4, with price moving below the descending trendline and approaching a resistance level, we have a bearish bias that price will drop from our 1st resistance at 2037 area where the horizontal overlap support, 61.8% Fibonacci retracement and 100% Fibonacci projection is to our 1st support at 1903 in line with the horizontal swing low support and 61.8% Fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 2099 where the horizontal swing high resistance is.

Trading Recommendation

Entry: 2037

Reason for Entry:

Horizontal overlap support, 61.8% Fibonacci retracement and 100% Fibonacci projection

Take Profit: 1903

Reason for Take Profit: Horizontal swing low support and 61.8% Fibonacci projectionStop Loss: 2099

Reason for Stop Loss:

Horizontal swing high resistance

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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