FX.co ★ ETHUSD, Potential For Bullish Bounce | 30th May 2022

On the H4, with price expected to bounce off the RSI indicator support, we have a bullish bias that price will rise to our 1st resistance at 1907 in line with the 50% Fibonacci retracement and horizontal pullback resistance level from our 1st support of 1724 in line with the horizontal swing low support. Alternatively, price may break 1st support and head for 2nd support at 1576 in line with the 127.2% Fibonacci extension.

Trading Recommendation

Entry: 1724

Reason for Entry: Horizontal swing high resistance

Take Profit: 1907

Reason for Take Profit: Horizontal pullback resistance and 50% Fibonacci retracementStop Loss: 1576

Reason for Stop Loss:

127.2% Fibonacci extension