EURUSD testing support, potential bounce!
EURUSD is testing our first support at 1.2228 (horizontal swing low support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement, Elliot wave structure). A bounce might occur above this level, pushing price up to our major resistance at 1.2341 (50%, Fibonacci retracement, horizontal swing high resistance). A breakout of our intermediate resistance at 1.2285 (23.6% Fibonacci retracement, horizontal overlap resistance) might provide the bullish acceleration to our major resistance level.
Stochastic (55,5,3) is also approaching our major support and a bounce off this level might be a good precursor of a potential rise 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 approaching our major support and a bounce off this level might be a good precursor of a potential rise 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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