FX.co ★ EURUSD approaching support, potential for bounce

EURUSD is approaching horizontal swing low support in line with 127.2% Fibonacci retracement and 61.8% Fibonacci extension . Prices might push up towards horizontal pullback resistance in line with 61.8% Fibonacci retracement and 78.6% Fibonacci 61.8%extension. If prices continue to push downwards, prices might bounce from 161.8% Fibonacci retracement and 100% Fibonacci extension . Stochastics is also approaching the 7.99 level, potential for a bounce.

Trading Recommendation

Entry: 1.17813

Reason for Entry:

Horizontal swing low support, 61.8% Fibonacci extension, 127.2% Fibonacci retracement

Take Profit: 1.18513

Reason for Take Profit:

Horizontal pullback resistance, 78.6% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss: 1.17472

Reason for Stop Loss:

161.8% Fibonacci retracement, 100% Fibonacci extension