The current overall bias for ETHUSD is bearish, according to the H4 chart. However, price closed above the Ichimoku cloud overnight, indicating a short-term bullish momentum. Price is expected to move towards the first resistance level at 1405.86, which contains the 100% Fibonacci line and the previous swing low.
Trading Recommendation
Entry: 1330.00
Reason for Entry:
Immediate buy entry after price bounced off 1267.20 where the 38.2% and 50% Fibonacci line are intersecting there
Take Profit: 1489.89
Reason for Take Profit:
Resistance where the 78.6% and 50% Fibonacci line are intersecting there
Stop Loss: 1190
Reason for Stop Loss:
Previous low and where the 0% Fibonacci and 100% Fibonacci line are.
