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09.03.2022 05:37 AM
ETHUSD, Bearish Pressure | 9th March 022

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On the H4,with price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 2343 in line with the 78.6% Fibonacci retracement and horizontal overlap support from our 1st resistance at 2676 in line with the horizontal swing high resistance and 38.2% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 2822 in line with the horizontal overlap resistance and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 2676

Reason for Entry:

Horizontal swing high resistance and 38.2% Fibonacci retracement

Take Profit: 2343

Reason for Take Profit: Horizontal overlap support and 78.6% Fibonacci retracement

Stop Loss: 2822

Reason for Stop Loss:Horizontal overlap resistance and 61.8% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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