EUR/USD Approaching Support, Prepare For A Bounce!

EUR/USD is approaching support at 1.1620 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizotnal overlap support) where we expect to see a bounce up to its resistance at 1.1711 (76.4 Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.1663 (38.2% Fibonacci retracement, horizontal overlap resistance). Stochastic (55, 5, 3) is approaching its support at 3% where a corresponding bounce could occur.

EUR/USD is approaching its support where we expect to see a bounce.

Buy entry 1.1620. Stop loss 1.1573. Take profit at 1.1711.

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