FX.co ★ EURUSD Potential For Bullish Continuation | 25th May 2022

On the H4, price broke the descending trendline and with prices moving above the Ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.05183 in line with the 23.6% Fibonacci retracement and horizontal overlap support to the 1st resistance at 1.08536, where the 61.8% Fibonacci retracement and horizontal overlap resistance is. Alternatively, price may break 1st support and head for 2nd support at 1.03540 where the horizontal swing low is.

Trading Recommendation Entry: 1.05183Reason for Entry:23.6% Fibonacci retracement and horizontal overlap supportTake Profit: 1.08536

Reason for Take Profit:

61.8% Fibonacci retracement and horizontal overlap resistance

Stop Loss: 1.03540Reason for Stop Loss:

Horizontal swing low