FX.co ★ EURUSD has reversed from first resistance, potential for drop!

Price has reacted off our first resistance which is in line with 61.8%, 100%, 127.2% Fibonacci extension and horizontal graphical area,

where we could potentially see price dropping towards our first support. RSI is also showing bearish pressure at the 59.69 level.

Trading Recommendation

Entry: 1.17686

Reason for Entry:

61.8%, 100%, 127.2% Fibonacci extension and horizontal graphical area

Take Profit: 1.16530

Reason for Take Profit:

78.6% fibonacci retracement and 38.2% Fibonacci extension.

Stop Loss: 1.18120

Reason for Stop Loss:

78.6%, 127% fibonacci Extension, and horizontal graphical resistance