FX.co ★ EURUSD Potential For Bullish Continuation | 20th April 2022

On the H4 timeframe, price is near to the key pivot level and it is on a bullish momentum. We are expecting price to potentially rise from the 1st resistance level of 1.08183 which is in line with a horizontal pullback resistance towards the 2nd resistance level of 1.09368 which is in line with 38.2% Fibonacci retracement. Alternatively, price might drop to the 1st support level of 1.07627 which is in line with 61.8% Fibonacci projection.

Trading Recommendation

Entry: 1.08183

Reason for Entry:

Horizontal pullback resistance.

Take Profit: 1.09368

Reason for Take Profit:38.2% Fibonacci retracement.

Stop Loss: 1.07627

Reason for Stop Loss:

61.8% Fibonacci projection.