FX.co ★ EURUSD Potential For Bullish Continuation | 31st May 2022

On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise to our 1st overlap resistance at 1.08591 where the 61.8% Fibonacci retracement is from our 1st overlap support at 1.07492. Alternatively, price may break 1st support structure and head for 2nd support at 1.0542 in line with the 23.6% fibonacci retracement.

Trading Recommendation Entry:1.07492Reason for Entry:

Overlap support

Take Profit:1.08591

Reason for Take Profit:

61.8% Fibonacci retracement, overlap resistanceStop Loss: 1.0542Reason for Stop Loss:

23.6% Fibonacci retracement