FX.co ★ EURUSD is approaching resistance, potential reversal!

Price is facing bearish pressure from our first resistance, in line with our 78.6% fibonacci extension, 61.8% fibonacci retracement and horizontal pullback resistance where we could see a reversal below this level to our first support level. Ichiomku cloud is showing signs of bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 1.17528

Reason for Entry:

78.6% fibonacci extension, 61.8% fibonacci retracement and horizontal pullback resistance

Take Profit: 1.16954

Reason for Take Profit:

127.2% fibonacci extension

Stop Loss: 1.17766

Reason for Stop Loss:

Horizontal swing high resistance, 127.2% fibonacci extension