EURUSD approaching resistance, watch for breakout!
EURUSD is approaching our first resistance at 1.2288 (horizontal overlap resistance, 100% Fibonacci extension, 23.6% Fibonacci retracement). A breakout above this level might cause a strong rally up to our major resistance at 1.2373 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Price also broke out of our short term descending resistance-turned-support line, in line with our bullish bias.
Stochastic (55,5,3) is also seeing a bullish divergence and more upside before it reaches its major resistance, in line with the potential upside in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also seeing a bullish divergence and more upside before it reaches its major resistance, in line with the potential upside in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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