EURUSD is approaching support, potential bounce!

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EURUSD is approaching support, potential bounce!

EURUSD is approaching support, potential bounce!

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.

Trading Recommendation

Entry: 1.21555

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

Source : https://www.fx.co/forex_analysis/quickview/203771/