EURUSD Potential for Bearish Continuation| 4th October 2022
On the H4 chart, the overall bias for EURUSD is bearish. To add confluence to this, price is below the Ichimoku cloud which indicates a bearish market. Looking for a possible pullback sell entry at 0.98635, where the 50% and 38.2% Fibonacci lines are located. My stop loss will be set at 0.99387, slightly above where the 50% and 38.2% Fibonacci lines are located. Take profit will be set at 0.96369, where the previous swing low and 78.6% Fibonacci projection line is located.
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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.