Looking at the H4 chart, the current overall bias for ETHUSD is bullish. Overnight, the price had bearish momentum downwards towards the 1st support at 1488.77 where the 78.5% and 50% Fibonacci lines are located. However, if the bullish momentum continues, expect the price to continue heading towards the 1st resistance at 1651.44 where the 78.6% and 38.2% Fibonacci lines are located.
Trading Recommendation
Entry: 1488.77
Reason for Entry: Buy entry where the 1st support and 50% Fibonacci lines are located.
Take Profit: 1651.44
Reason for Take Profit: Next resistance area and where the 78.6% and 38.2% Fibonacci lines are located.
Stop Loss: 1405.86
Reason for Stop Loss:
Where the 2nd support is and slightly below where the previous swing low was
The material has been provided by InstaForex Company – www.instaforex.com
