EURUSD approaching resistance, potential drop!
EURUSD is approaching our first resistance at 1.2378 (horizontal overlap resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 1.2301 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance, a good precursor for a potential drop in price should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance, a good precursor for a potential drop in price should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results