FX.co ★ EURUSD, Bearish Pressure | 10th Jan 2022

On the H4, with price approaching the resistance of the stochastics level,we are biased that price will drop from 1st resistance at 1.13852 which is in line with horizontal swing high resistance, 50.0% Fibonacci retracement level to 1st support at 1.233, which is in line with horizontal swing low support. Alternatively, price may rise up to our 1st resistance at 1.14633, which coincides with 161.8% Fibonacci extension level and horizontal swing high resistance .

Trading Recommendation

Entry: 1.13852

Reason for Entry:

Horizontal swing high resistance and 50.0% Fibonacci retracement

Take Profit: 1.233

Reason for Take Profit:

Horizontal swing low support

Stop Loss:1.14633

Reason for Stop Loss:

Horizontal swing high resistance and the 161.8% Fibonacci extension