EURUSD approaching support, potential bounce!
EURUSD is approaching our first support at 1.2259 (horizontal overlap support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement) which coincides with our long term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1.2313 (horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (34,5,3) is also seeing a bullish divergence and is approaching our major support where a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
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Stochastic (34,5,3) is also seeing a bullish divergence and is approaching our major support where a bounce off this level might be a good precursor for a potential rise in price.
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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