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17.03.2022 09:41 AM
ETHUSD, Bullish Pressure | 17th March 2022

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On the H4, with price moving above the Ichimoku cloud and the recent break of our pivot of 2655 where the 61.8% Fibonacci retracement and horizontal pullback support is, we have a bullish bias that price will rise to our 1st resistance at 2820 in line with the horizontal pullback resistance and 100% Fibonacci projection level from our pivot. Alternatively, price may break pivot structure and head for 2nd support at 2513 in line with the horizontal swing low support.

Trading Recommendation

Entry: 2655

Reason for Entry:

Horizontal pullback support and 61.8% Fibonacci retracement

Take Profit: 2820

Reason for Take Profit:Horizontal pullback resistance and 100% Fibonacci projection

Stop Loss: 2513

Reason for Stop Loss: Horizontal swing low support

Dean Leo,
Analytical expert of InstaForex
© 2007-2026
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