FX.co ★ EURUSD Potential For Bullish Continuation | 4th October 2022

On the H4, price is moving within the ascending manner, with the price above ichimoku cloud,- we are slightly bullish biased. Price has bounced off the first support and is moving toward the first resistance at 0.98844 where the 50% retracement sits. If price breaks this level, it will test the second resistance at 1.00386, where the 78.6% fibonacci retracement sits. Alternatively, the overall bearish momentum could bring price back to test the first support at 0.97659 where the previous swing low and 38.2% retracement sits.

Trading Recommendation

Entry: 0.98844

Reason for Entry:

50% retracement

Take Profit: 1.00386

Reason for Take Profit:78.6% fibonacci retracement

Stop Loss: 0.97659

Reason for Stop Loss:

Previous swing low and 38.2% retracement