FX.co ★ ETHUSD Potential For Bullish Rise | 13th September 2022

Description :

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to 1st resistance at 1791.11 where the 61.8% fibonacci retracement sits. Price is currently testing the first support at 1676.15 where the 38.2% retracement and 61.8% projection sits. If price were to break first support, it will bring it to the second support at 1635.91 where the 50% retracement and 78.6% projection sits

Trading Recommendation

Entry: 1676.15

Reason for Entry:

38.2% retracement and 61.8% projection

Take Profit: 1787.74

Reason for Take Profit:

swing high resistance 61.8% retracement

Stop Loss: 1635.91

Reason for Stop Loss:

Pullback support and 50% fibonacci retracement