FX.co ★ EURUSD Potential for Bullish Rise | 8th November 2022

On H4, with the price moving above the ichimoku cloud and ascending trendline, we have a bullish bias that the price may rise from 1st support at 0.99649, which is in line with the 23.6% fibonacci retracement and previous swing lows to the 1st resistance at 1.00928, where the swing high is. Alternatively, the price may drop to the 2nd support at 0.98882, which is in line with the 50% fibonacci retracement .

Trading Recommendation

Entry: 0.99649

Reason for Entry: 23.6% fibonacci retracement and previous swing lowsTake Profit: 1.00928

Reason for Take Profit:

previous swing highs

Stop Loss: 0.98882

Reason for Stop Loss:

50% fibonacci retracement