EURUSD is approaching support, potential bounce!

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Price is testing our first support, in line with our graphical pullback support and 23.6% fibonacci retracement, where we could see a bounce above this level. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 1.21574

Reason for Entry:

graphical pullback support and 23.6% fibonacci retracement

Take Profit: 1.22159

Reason for Take Profit:

127.2% fibonacci extension, horizontal swing high resistance

Stop Loss: 1.21373

Reason for Stop Loss:

38.2% fibonacci retracement, 61.8% fibonacci extension, horizontal swing low support

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

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