USOUSD H4 | Potential bearish breakout

8 thg 8, 2023

USOUSD has broken an intermediate support level that aligns with the 38.2% Fibonacci retracement level and is approaching an ascending trendline. Price could potentially break below this trendline which could trigger further downward movement towards our take profit target.

Entry: 81.169
Why we like it:
Wait for bearish confirmation after price breaks through the ascending trendline

Stop Loss: 83.241
Why we like it:
There is a swing-high resistance

Take Profit: 79.151
Why we like it:
There is a pullback support that aligns with the 23.6% Fibonacci retracement level

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