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

Price is approaching our 1st support at 1.21277, in line with our 100% Fibonacci extension level, 61.8% fibonacci retracement and horizontal pullback support. We could potentially see a bounce and further upside towards our 1st resistance at 1.22067, in line with our 100% Fibonacci extension and 127.2% fibonacci retracement. Price is also holding above the Ichimoku cloud and 20 EMA, showing bullish pressure in line with our analysis.

Trading Recommendation

Entry: 1.21277

Reason for Entry:

100% Fibonacci extension level, 61.8% fibonacci retracement and horizontal pullback support

Take Profit: 1.22067

Reason for Take Profit:

100% Fibonacci extension and 127.2% fibonacci retracement

Stop Loss: 1.20981

Reason for Stop Loss:

horizontal overlap support, 50% fibonacci retracement