FX.co ★ EURUSD Potential For Bearish Continuation | 29th August 2022

On the H4, prices are still in a descending trend and are below the ichimoku indicator, we are bearish bias. Price is looking to test the first support again at 0.9904 where the 61.8% projection sit. If it fails to break the first support, prices could pull back to test the first resistance at 1.0126 where the previous swing low and 50% retracement sits and subsequently the second resistance at 1.0258 where the 78.6% retracement and swing high sits

Trading Recommendation

Entry: 1.001

Reason for Entry:

Pull back short entry 23.6% retracement

Take Profit: 0.9904

Reason for Take Profit:Respecting the descending trend and previous swing low

Stop Loss: 1.009

Reason for Stop Loss:

Previous swing low