EURUSD is approaching support, potential bounce!
Price is testing our first support, in line with our ascending trend line, graphical pullback support, 23.6% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce above this level. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.
Reason for Entry:
ascending trend line, graphical pullback support, 23.6% fibonacci retracement and 61.8% fibonacci extension
Take Profit: 1.22159
Reason for Take Profit:
127.2% fibonacci extension, horizontal swing high resistance
Stop Loss: 1.21373
Reason for Stop Loss:
38.2% fibonacci retracement, 100% fibonacci extension, horizontal swing low support
The material has been provided by InstaForex Company – www.instaforex.com