FX.co ★ EURUSD Potential For Bearish Continuation | 23rd August 2022

On the H4, prices have broken the ascending trend and are below the ichimoku indicator, we are bearish bias. Prices are testing the first support at 0.9955 where the 61.8% projection sits. Alternatively, prices could pull back to test the first resistance at 1.0116 where the previous swing low sits and subsequently the second resistance at 1.0353 where the 61.8% retracement and swing high sits

Trading Recommendation

Entry: 1.0116

Reason for Entry:

Pull back buy entry

Take Profit: 0.9955

Reason for Take Profit:Swing low support and 61.8% projection

Stop Loss: 1.0351

Reason for Stop Loss:

Overlap resistance