FX.co ★ EURUSD facing bearish pressure, potential for more downside! | 10 Nov 2021

Price is on a bearish momentum. We see potential for a dip from our 1st support at 1.1617 which is a graphical overlap towards our 1st resistance at 1.15413 which is a graphical overlap in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices are testing below our EMA 126 signalling and ichimoku clouds are showing bearish momentum. Alternatively, our stop loss will be placed at 1.16509 which is our 2nd in line with 127.2% FIbonacci extension.

Trading Recommendation

Entry: 1.1617

Reason for Entry:

Graphical overlap and 61.8% Fibonacci retracement and 100% Fibonacci extension

Take Profit: 1.15413

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension, 61.8% Fibonacci Retracement

Stop Loss: 1.16509

Reason for Stop Loss:

127.2% Fibonacci extension