FX.co ★ EURUSD is facing bullish pressure, potential for further upside!

Price is approaching our 1st support at 1.21079, in line with our 23.6%, 78.6% Fibonacci extension levels and horizontal swing low support. We could potentially see a bounce and further upside towards our 1st resistance at 1.21445, in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Price is also holding above the Ichimoku cloud, showing bullish pressure in line with our analysis.

Trading Recommendation

Entry: 1.21079

Reason for Entry:

23.6%, 78.6% Fibonacci extension levels and horizontal swing low support

Take Profit: 1.21445

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.20848

Reason for Stop Loss:

38.2%, 127.2% Fibonacci extension levels, 50% Fibonacci retracement and horizontal overlap support