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EUR/USD Bounced Nicely Off Its Support, Remain Bullish

EUR/USD bounced nicely off its support at 1.2068 (76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing low resistance) where we expect the price to rise further to its resistance at 1.2253 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.2178 (61.8% Fibonacci extension, horizontal pullback resistance).

Stochastic (55, 5, 3) made a corresponding bounce off its support at 2.31% where it has a lot of upside potential.

Buy above 1.2068. Stop loss 1.2007. Take profit at 1.2253.

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The material has been provided by InstaForex Company - www.instaforex.com