EURCAD Potential for Bearish Drop towards previous swing low
January 30, 2023 8:24 am
Description :
Looking at the H4 chart, my overall bias for EURUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market structure. Looking for a pullback sell entry at 1.45202, where the overlap resistance and 38.2% Fibonacci line is. Stop loss will be at 1.46439, where the recent swing high is. Take profit will be at 1.42354, where the previous swing low was.
Trading Recommendation
Entry: 1.45202
Reason for Entry: Overlap resistance and 38.2% Fibonacci line
Take Profit: 1.42354
Reason for Take Profit:
Previous swing low
Stop Loss: 1.46439
Reason for Stop Loss:
Recent swing high
The material has been provided by InstaForex Company – www.instaforex.com
Description :
Looking at the H4 chart, my overall bias for EURUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market structure. Looking for a pullback sell entry at 1.45202, where the overlap resistance and 38.2% Fibonacci line is. Stop loss will be at 1.46439, where the recent swing high is. Take profit will be at 1.42354, where the previous swing low was.
Trading Recommendation
Entry: 1.45202
Reason for Entry: Overlap resistance and 38.2% Fibonacci line
Take Profit: 1.42354
Reason for Take Profit:
Previous swing low
Stop Loss: 1.46439
Reason for Stop Loss:
Recent swing high
The material has been provided by InstaForex Company – www.instaforex.com
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