EURUSD Potential for Bullish Momentum | 7th October 2022
October 7, 2022 11:21 am
On the H4, price is moving within the descending trendline but in an ascending manner, with the price above ichimoku cloud,- we are slightly bullish biased. Price may drop to the 1st support at 0.97418, where the 61.8% fibonacci retracement is and bounce off to test the first resistance at 0.99215 where the overlap resistance sits. If price breaks this level, it may test the second resistance at 1.00545, where the 78.6% fibonacci retracement sits. Alternatively, the overall bearish momentum could bring price breaks this 1st resistance, we have a strong bearish confirmation to bring price down to 0.96581 where the swing low sits
Trading Recommendation
Entry: 0.97418
Reason for Entry:61.8% fibonacci retracement
Take Profit: 0.99215
Reason for Take Profit:Overlap resistance
Stop Loss: 0.96581
Reason for Stop Loss:
Previous swing low
The material has been provided by InstaForex Company – www.instaforex.com
On the H4, price is moving within the descending trendline but in an ascending manner, with the price above ichimoku cloud,- we are slightly bullish biased. Price may drop to the 1st support at 0.97418, where the 61.8% fibonacci retracement is and bounce off to test the first resistance at 0.99215 where the overlap resistance sits. If price breaks this level, it may test the second resistance at 1.00545, where the 78.6% fibonacci retracement sits. Alternatively, the overall bearish momentum could bring price breaks this 1st resistance, we have a strong bearish confirmation to bring price down to 0.96581 where the swing low sits
Trading Recommendation
Entry: 0.97418
Reason for Entry:61.8% fibonacci retracement
Take Profit: 0.99215
Reason for Take Profit:Overlap resistance
Stop Loss: 0.96581
Reason for Stop Loss:
Previous swing low
The material has been provided by InstaForex Company – www.instaforex.com
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