FX.co ★ EURUSD Potential for Bearish Momentum | 3rd November 2022

On the H4, with the price breaking the ascending trendline and ichimoku cloud, we have a bearish bias that the price may drop from the 1st resistance at 0.98567, which is in line with the swing lows to the 1st support at 0.97528, where the overlap support and 61.8% fibonacci retracement are. Alternatively, the price may rise to the 2nd resistance at 0.99468, where the 50% fibonacci retracement and overlap resistance are.

Trading Recommendation

Entry: 0.98567

Reason for Entry:

Swing lows

Take Profit: 0.97528

Reason for Take Profit:Overlap support and 61.8% fibonacci retracement

Stop Loss: 0.99468

Reason for Stop Loss:

50% fibonacci retracement and overlap resistance