Forex Analysis & Reviews: UDUSD bullish breakout | 9th Dec 2021

On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the EMA period 50 acting as a support. Trading Recommendation Entry:0.71247 Reason for Entry: 23.6% FIbonacci retracement Take Profit: 0.72303 Reason for Take Profit: 61.8% Fibonacci projection and 61.8% Fibonacci retracement Stop Loss: 0.70957 Reason for Stop Loss: 50% Fibonacci retracement *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.