EURUSD approaching resistance, potential bearish reaction
EURUSD bounced nicely off its support at 1.2343 (50% Fibonacci retracement) where it is approaching its 1st resistance at 1.2444 (61.8% Fibonacci extension x2, Horizontal swing high resistance) where a potential reversal may occur, pushing price back down to its 1st support or 2nd support at 1.2277 (61.8% Fibonacci retracement, horizontal swing low). If it breaks past this level it could also fall to its 3rd support at 1.2162 (61.8% Fibonacci retracement, L T 38.2% Fibonacci retracement, multiple swing low support). We have also identified another resistance at 1.2522 (100% Fibonacci extension, multiple swing high resistance).
Stochastic (89, 5, 3) shows it approaching its resistance at 98.04% where a corresponding reaction could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89, 5, 3) shows it approaching its resistance at 98.04% where a corresponding reaction could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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