EURUSD Potential Bullish Reversal
Description
Price has broken above our pivot level at 1.12785 which is in line with 100% Fibonacci extension levelhorizontal swing low support . We could potentially see a further rise from here towards 1.15218, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance. Finally, we can expect price to take support at 1.12035, which coincides with 127.2% Fibonacci extension level . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12785
Why we like it:
100% Fibonacci extension levelhorizontal swing low support
1st Support:
1.12035
Why we like it:
127.2% Fibonacci extension level
1st Resistance:
1.15218
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12785 which is in line with 100% Fibonacci extension levelhorizontal swing low support . We could potentially see a further rise from here towards 1.15218, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance. Finally, we can expect price to take support at 1.12035, which coincides with 127.2% Fibonacci extension level . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12785
Why we like it:
100% Fibonacci extension levelhorizontal swing low support
1st Support:
1.12035
Why we like it:
127.2% Fibonacci extension level
1st Resistance:
1.15218
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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