ETHUSD Potential for Bullish Continuation| 4th November 2022
On the H4 chart, the overall bias for ETHUSD is bullish. To add confluence to this, price is above the Ichimoku cloud which indicates a bullish market. With price tapping into our buy entry at 1561.62, where the 2 of the 61.8% Fibonacci lines are located. We are looking to take profit at 1792.55, where the previous high and 100% Fibonacci line is located. Our stop loss is relatively safe being set at 1411.43, which is slightly below where the 38.2% and 100% Fibonacci lines are 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.
