FX.co ★ EURUSD approaching support, potential for bouncel

Prices are approaching support level in line with 100% Fibonacci extension, 161.8% Fibonacci retracement and 78.6% Fibonacci extension Fibonacci confluence zone. Prices might push up towards horizontal pullback resistance in line with 50% Fibonacci retracement and 50% Fibonacci extension . If prices push down, prices might take support on 127.2% Fibonacci retracement and 100% Fibonacci extension. Stochastics is also at 3. 40 support, potential for bounce.

Trading Recommendation

Entry: 1.17688

Reason for Entry:

100% Fibonacci extension, 78.6% Fibonacci extension, 161.8% Fibonacci retracement

Take Profit: 1.18246

Reason for Take Profit:

Horizontal pullback resistance, 50% Fibonacci retracement, 50% Fibonacci extension

Stop Loss: 1.17475

Reason for Stop Loss:

127.2% Fibonacci retracement, 100% Fibonacci extension