FX.co ★ EURUSD Potential For Bearish Continuation | 24th 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: 0.9951

Reason for Entry:

Pull back short entry

Take Profit: 0.9847

Reason for Take Profit:Respecting the descending trend and channel

Stop Loss: 1.0016

Reason for Stop Loss:

Previous swing high