FX.co ★ ETHUSD Potential For Bullish Rise | 12th September 2022

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to 1st resistance at 1791.19 where the overlap resistance and 61.8% fibonacci retracement are. Once there is upside confirmation that price has broken 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 2034.14 where the swing high resistance is. Alternatively, price could drop to 1st support at 1723.42 where the pullback support and 23.6% fibonacci retracement are.

Trading Recommendation

Entry: 1791.19

Reason for Entry:Overlap resistance and 61.8% fibonacci retracement

Take Profit: 2034.14

Reason for Take Profit:Swing high resistance

Stop Loss: 1723.42

Reason for Stop Loss:

Pullback support and 23.6% fibonacci retracement