EURUSD bouncing off support, further potential rise!
EURUSD is bouncing off our first support at 1.2156 (horizontal swing low support, 100% Fibonacci extension, Elliot wave structure). A rally might occur above this level, pushing price up to our major resistance at 1.2247 (horizontal overlap resistance, 38.2% Fibonacci retracement).
Stochastic (89,5,3) 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.
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Stochastic (89,5,3) 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.
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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