FX.co ★ EURUSD Potential for Bullish Rise | 7th November 2022

On the H4, with the price moving above the ascending trendline and above ichimoku cloud, we have a bullish bias that the price may break the 1st resistance at 0.99598, which is in line with the 61.8% fibonacci retracement and rise to the 2nd resistance at 1.00826, where the previous swing highs are. Alternatively, the price may drop to the 1st support at 0.98644, which is in line with the 50% fibonacci retracement and overlap support. If the 1st support is broken, the 2nd support is at 0.97456, which is in line with the swing low and 61.8% fibonacci

Trading Recommendation

Entry: 0.99598

Reason for Entry: 61.8% fibonacci retracement

Take Profit: 1.00826

Reason for Take Profit:

previous swing highs

Stop Loss: 0.98644

Reason for Stop Loss:

50% fibonacci retracement and overlap support