FX.co ★ EURUSD bullish bounce| 29th Sep 2021

Price is reacting in between the 1st Resistance and 1st support. We can expect the price to bounce from the 1st Support in line with 100% Fibonacci Projection and horizontal swing lows towards the 1st Resistance in line with 100% Fibonacci projection and horizontal swing highs. Our bullish bias is further supported by the RSI indicator where we can see bullish divergence.

Trading Recommendation

Entry:1.16646

Reason for Entry:

100% Fibonacci Projection, horizontal swing low

Take Profit: 1.19094

Reason for Take Profit:

100% Fibonacci Projection, horizontal swing high

Stop Loss: 1.16124

Reason for Stop Loss:

127.2% Fibonacci Projection and 127.2% Fibonacci Retracement