FX.co ★ EURUSD Potential For Bearish Continuation | 20th July 2022

On the H4, with price recently breaking out of the descending trend channel, we have a bullish bias that price will continue to rise from the 1st support at 1.02158 in line with the 38.2% fibonacci retracement and 100% fibonacci projection to the 1st resistance at 1.03570 at the pullback resistance in line with the 61.8% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 1.01213 at the pullback support.

Trading Recommendation

Entry: 1.02158

Reason for Entry:

38.2% fibonacci retracement and 100% fibonacci projectionTake Profit: 1.03570

Reason for Take Profit:Pullback resistance in line with the 61.8% fibonacci retracement

Stop Loss: 1.01213

Reason for Stop Loss:

Pullback support