EURUSD testing resistance, watch for breakout!
Updated
Price broke out of our short term descending resistance-turned-support line and is testing our first resistance at 1.2288 (horizontal overlap resistance, 100% Fibonacci extension, 23.6% Fibonacci retracement). If price breaks out above this level, a strong rally might occur, pushing price up to our major resistance at 1.2373 (61.8% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (55,5,3) is also seeing a bullish divergence and more upside before it reaches its major resistance, in line with the potential upside 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 seeing a bullish divergence and more upside before it reaches its major resistance, in line with the potential upside in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
Wohooo price rallied up to our major resistance, did you manage to ride this wave up?
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