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Forexmart's analytical reviews provide up-to-date technical information about the financial market. These reports range from stock trends, to financial forecasts, to global economy reports, and political news that impact the market.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

ETHUSD Potential For Bullish Momentum | 4th October 2022
05:52 2022-10-04 UTC--4

On the H4, the overall price of ETHUSD is very bearish. Price has been consolidating above the first support line at 1279.00 for the past two weeks, including Monday this week, which also happens to be the 138.2% Fibonacci line. Price has now closed above the Ichimoku cloud, indicating a possible trend change in the short term. Expect price to return to the first resistance line at 1420.74, which is the 100% Fibonacci and 38.2% Fibonacci line.

Trading Recommendation

Entry: 1320.94

Reason for Entry: Immediate entry with price above the Ichimoki cloud, indicating a bullish market

Take Profit: 1420.74

Reason for Take Profit: 100% Fibonacci extension line and previous swing low

Stop Loss: 1220.00

Reason for Stop Loss:

The most recent low

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.