FX.co ★ ETHUSD, Potential For Bearish Drop | 13th June 2022

On the H4, with price expected to bounce off the support of the stochastics indicator, we have a bullish bias that price will rise from the 1st support at 1480c in line with the horizontal swing low support and 161.8% Fibonacci extension to our 1st resistance at 1727 in line with the 50% fibonacci retracement and horizontal pullback resistance. Alternatively, price may break structure and head for 2nd support at 1309 in line with the 161.8% Fibonacci projection level.

Trading Recommendation

Entry: 1727

Reason for Entry: 50% fibonacci retracement and horizontal pullback resistanceTake Profit: 1727

Reason for Take Profit: 50% fibonacci retracement and horizontal pullback resistance

Stop Loss: 1309

Reason for Stop Loss:

161.8% Fibonacci projection