EURUSD Potential for Bullish Continuation | 1st December 2022

Looking at the H4 chart, my overall bias for EURUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. To add confluence to this bias, price has also broken above the ascending trend line. If this bullish momentum continues, expect the price to possibly head towards the 1st resistance at 1.04818, where the previous swing high is located. In an alternate scenario, price could possibly head back down towards the 1st support level at 1.02766, where the 23.6% Fibonacci line is located, before heading towards the 2nd support at 1.00937, where the 50% Fibonacci line is.

Trading Recommendation

Entry: 1.04284

Reason for Entry:

Immediate entry to ride the bullish momentum

Take Profit: 1.06014

Reason for Take Profit:2nd resistance line and previous swing high

Stop Loss: 1.02766

Reason for Stop Loss:

1st support level and previous swing low