FX.co ★ ETHUSD Potential For Bullish Momentum | 3rd November 2022

Looking at the H4 chart, the current overall bias for ETHUSD is bullish. Overnight, price experienced increased volatility due to the release of the FOMC news with price closing under the 1st resistance level at 1561.62 where 2 of the 61.8% Fibonacci lines are located. Expecting price to possibly retrace back up and retest the 1st resistance level.

Trading Recommendation

Entry: 1561.62

Reason for Entry: Sell limit entry for price to retest the 1st resistance level

Take Profit: 1411.43

Reason for Take Profit: Previous low and where the 100% and 38.2% Fibonacci lines are located

Stop Loss: 1663.98

Reason for Stop Loss:

Where the previous small high was located