FX.co ★ EURUSD Potential for Bullish Rise | 9th 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 to the 1st resistance at 1.00928, which is in line with the swing highs. If the 1st resistance is broken, the 2nd resistance is at 1.01908, where the previous swing highs are. Alternatively, the price may drop to the 1st support at 1.00150, where the 23.6% fibonacci retracement is. If the 1st support is broken, the 2nd support is at 0.98754, where the 61.8% fibonacci retracement sits.

Trading Recommendation

Entry: 1.00928

Reason for Entry:Swing highs

Take Profit: 1.01908

Reason for Take Profit:

previous swing highs

Stop Loss: 1.00150

Reason for Stop Loss:

23.6% fibonacci retracement