EURUSD bearish continuation | 19th Oct 2021

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On the H4, we can see price approaching the resistance on the stochastic indicator which indicates that price may do a short term reversal to 1st support at 1.16010 in line with the 50% Fibonacci retracement. With the overall bullish sentiment with the ascending channel, we may subsequently see price bounce off 1st support back to 1st resistance at 1.16401 in line with the 127.2% Fibonacci extension and the 61.8% Fibonacci retracement. Alternatively, we may see price break 1st resistance to 2nd resistance at 1.16664.

Trading Recommendation

Entry: 1.16401

Reason for Entry:

127.2% Fibonacci extension and the 61.8% Fibonacci retracement

Take Profit: 1.16010

Reason for Take Profit:

Horizontal overlap support and 50% Fibonacci retracement

Stop Loss: 1.16664

Reason for Stop Loss:

Horizontal overlap resistance and 38.2% Fibonacci retracement

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

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