Looking at the H4 chart, the current overall bias for ETHUSD is bearish. However overnight, the price broke out of the consolidation between the 1st resistance at 1405.86 and 1st support at 1405.86. Price has then tapped onto the 1st resistance at 1488.77 where the 78.5% and 50% Fibonacci lines are located. Expecting price to possibly come back down to test the 1st support at 1405.86 where the 100% Fibonacci line and previous swing low is.
Reason for Entry: Sell entry where the 78.6% and 38.2% Fibonacci lines are located
Take Profit: 1405.86
Reason for Take Profit: 100% Fibonacci line and previous low are
Stop Loss: 1789.86
Reason for Stop Loss:
Previous swing high
The material has been provided by InstaForex Company – www.instaforex.com