FX.co ★ EURAUD Potential For Bullish Continuation | 4th July 2022

On the H4, with price moving above the ichimoku cloud and in an ascending trendline, we have a bullish bias that price will continue to rise from the 1st support at 1.53002 at the pullback support in line with the 61.8% fibonacci projection and 50% fibonacci retracement to the 1st resistance at 1.62189 at the swing high. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 1.47852 at the swing low in line with the 100% fibonacci projection.

Trading Recommendation

Entry: 1.53002

Reason for Entry:

Pullback support in line with the 61.8% fibonacci projection and 50% fibonacci retracementTake Profit: 1.62189

Reason for Take Profit:Swing high

Stop Loss: 1.47852

Reason for Stop Loss:Swing low, 100% fibonacci projection .