EURUSD Potential For Bullish Continuation | 5th August 2022

On the H4, prices have broken the bearish trend moving into a bullish biased trend. Price is pulling back to test the first resistance 1.027, which coincides with 61.8% Fibonacci projection and 50% retracement. If prices break the 1st resistance, it will test the 2nd resistance at 1.03533. Alternatively, if the price fails to break the first resistance, it might test the first support at the 1.011 level

Trading Recommendation

Entry: 1.0115

Reason for Entry:

Pullback

Take Profit: 1.0278

Reason for Take Profit: 50% Fibonacci retracement

Stop Loss: 1.007

Reason for Stop Loss:

Swing low intermediate support level

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