Fundamental analysis

EURUSD Potential for Bullish Momentum | 26th October 2022

analytics6359005709596.jpgOn the H4, price is moving within the short term ascending trendline and breaking the long term ascending trendline, we have a bullish bias that the price may rise to the 1st resistance at 0.99904, which is in line with the previous swing high and 78.6% fibonacci projection. If the 1st resistance is broken, the 2nd resistance is at 1.01971, where the previous swing high and 161.8% fibonacci extension are. Alternatively, the price may drop to the 1st support at 0.98673, which is in line with the 23.6% fibonacci retracement and previous swing low. If the 1st support is broken, the 2nd support is at 0.97521, where the 50% fibonacci retracement sits.

Trading Recommendation

Entry: 0.99904

Reason for Entry:Breakout previous swing high and 78.6% fibonacci projection

Take Profit: 1.01971

Reason for Take Profit:Swing high and 161.8% fibonacci extension

Stop Loss: 0.98673

Reason for Stop Loss:

23.6% fibonacci retracement and previous swing low

The material has been provided by InstaForex Company – www.instaforex.com


Notice: ob_end_flush(): failed to send buffer of zlib output compression (1) in /var/www/vhosts/beta.livemarkets.com/wp-includes/functions.php on line 5420

Notice: ob_end_flush(): failed to send buffer of zlib output compression (1) in /var/www/vhosts/beta.livemarkets.com/wp-includes/functions.php on line 5420