FX.co ★ EURUSD Potential For Bearish Continuation | 16th August 2022

On the H4, prices have broken the ascending trend and are below the ichimoku indicator, we are bearish bias. Prices are pulling back to test the first support at 1.0104 where the 61.8% Fibonacci retracement and 127.2% extension sits. If prices continue in the bearish momentum, it will test the second support at 0.9952. Alternatively price could go back to test the first resistance at 1.0363 where the 61.8% Fibonacci retracement sits and then the second resistance at 1.0465

Trading Recommendation

Entry: 1.0152

Reason for Entry:

Swing low

Take Profit: 1.0104

Reason for Take Profit:

swing low support 61.8% fibonacci retracement

Stop Loss: 1.0250

Reason for Stop Loss:

Previous swing highs