FX.co ★ EURUSD Bullish Pressure | 15th Dec 2021

On the H4, price has broken above our 1st support level at 1.12574 which is in line with 61.8% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1st resistance at 1.13198, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.11928, which coincides with 127.2% Fibonacci extension level and horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level.

Trading Recommendation

Entry:1.12574

Reason for Entry:

61.8% Fibonacci retracement level and horizontal overlap support

Take Profit: 1.13198

Reason for Take Profit:

Horizontal swing high resistance, 61.8% Fibonacci retracement level

Stop Loss:1.11928

Reason for Stop Loss:

127.2% Fibonacci extension level and horizontal swing low support