FX.co ★ EURUSD Potential for Bullish Bounce | 28th April 2022

On the H4 timeframe, price is near to the key support level. We expect price to potentially bounce from 1st support level of 1.05157 in line with 100% fibonacci retracement and -61.8% fibonacci expansion towards the 1st resistance level of 1.07585 in line with 50% fibonacci retracement. Alternatively, price might break through the key support level and trigger a dip towards the 2nd support level of 1.04659 which lines up with a previous horizontal swing low support and also 13 March 2015 low.

Trading Recommendation

Entry: 1.05157

Reason for Entry:

100% fibonacci retracement and -61.8% fibonacci expansion.

Take Profit: 1.07585

Reason for Take Profit:50% fibonacci retracement.

Stop Loss: 1.04659Reason for Stop Loss:

previous horizontal swing low support and also 13 March 2015 low.