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

Price is approaching our resistance in line with our horizontal pullback resistance, 38.2% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. The Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.21167

Reason for Entry:

horizontal pullback resistance, 38.2% fibonacci retracement and 100% fibonacci extension

Take Profit: 1.20548

Reason for Take Profit:

horizontal swing low support

Stop Loss: 1.21450

Reason for Stop Loss:

50% fibonacci retracement