FX.co ★ EURUSD Potential for Bullish Momentum | 1st November 2022

On the H4, with the price moving within the trendline, the price may rise from the 1st support at 0.98810, which is in line with the 38.2% fibonacci retracement and overlap support to the 1st resistance at 1.00914, which is in line with the previous swing high. Alternatively, the price may drop to the 2nd support at 0.97528, where the 61.8% fibonacci retracement and overlap support are.

Trading Recommendation

Entry: 0.98810

Reason for Entry:

38.2% fibonacci retracement and overlap support

Take Profit: 1.00914

Reason for Take Profit:Previous swing high

Stop Loss: 0.97528

Reason for Stop Loss:

61.8% fibonacci retracement and overlap support