Fundamental analysis

EURUSD Potential for Bullish Momentum | 27th October 2022

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On the H4, price is moving within the short term ascending trendline and breaking the long term descending trendline, we have a bullish bias that the price may rise to the 1st resistance at 1.01971, where the previous swing high and 161.8% fibonacci extension are. Alternatively, the price may drop to the 1st support at 0.99904, which is in line with the previous swing high. If the 1st support is broken, the 2nd support is at 0.98673, where the 38.2% fibonacci retracement and overlap support sits.

Trading Recommendation

Entry: 0.99904

Reason for Entry:

Previous swing high

Take Profit: 1.01971

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

Stop Loss: 0.98673

Reason for Stop Loss:38.2% fibonacci retracement and overlap support

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


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