EURUSD approaching its support, potential for a bounce!
Updated
EURUSD approaching its support at 1.2260 (61.8% Fibonacci retracement, horizontal overlap support). We have also identified an impulsive Elliot Wave, where price could potentially rise to its 1st resistance at 1.2346 (horizontal pullback resistance) or if it breaks past this level, could potentially rise further to its 2nd resistance at 1.2411 (horizontal swing high resistance). We have also identified another support at 1.2221 (76.4% Fibonacci retracement).
Stochastic (55, 5, 3) shows it approaching its support at 2.47% 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 (55, 5, 3) shows it approaching its support at 2.47% 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.
Trade active
Price bounced perfectly to our first resistance level! We would have to keep a watch out at this level as price might reversed a little before moving up to our major resistance. Did you get in on this trade?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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