FX.co ★ EURUSD approaching pivot, potential for a bounce!

Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support at 1.21385, which is in line with our 78.6% Fibonacci retracement and horizontal swing low support, and further upside towards our 1st resistance at 1.22090, in line with our 50% Fibonacci extension and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 1.21385

Reason for Entry:

78.6% Fibonacci retracement and horizontal swing low support

Take Profit: 1.22090

Reason for Take Profit:

50% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback resistance

Stop Loss: 1.21096

Reason for Stop Loss:

-27.2% Fibonacci retracement and horizontal swing low support