ETHUSD Potential for Bullish Momentum | 10th October 2022
The general trend for ETHUSD on the H4 chart is bearish. However, for the previous four weeks, the price has been consolidating between 1413 and 1217. With price currently moving in a tiny bullish channel with higher highs and lower lows, I'm looking for an instant buy entry for ETHUSD at 1325.70 with a stop loss at 1220.00, which is the previous low and 0% Fibonacci line. The take profit point will be at 1500, where the 78.6% Fibonacci line and the 50% Fibonacci line intersect.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.