FX.co ★ EURUSD retesting breakout descending trendline support! Potential for bounce!

EURUSD retesting descending trendline support. We may see a possible swing to our 1st resistance at 1.19195, in-line with our 100% Fibonacci retracement and 161.8% Fibonacci extension. RSI is also at ascending trendline support for further upside. Otherwise, price could potentially drop to first support at 1.18000, in-line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance.

Trading Recommendation

Entry: 1.18355

Reason for Entry:

23.6% Fibonacci retracement, 100% Fibonacci extension and breakout trendline support

Take Profit: 1.19195

Reason for Take Profit:

100% Fibonacci retracement and 161.8% Fibonacci extension

Stop Loss: 1.18000

Reason for Stop Loss:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance