EURCHF facing bullish pressure, potential for further upside!

analytics607eaaa41bbcc.jpg

Prices are facing bullish pressure from horizontal pullback support, which coincides with 50% Fibonacci extension and 38.2% Fibonacci retracement. Prices might push up to 1st resistance which is in line with horizontal swing high resistance, 50% Fibonacci extension and 61.8% Fibonacci retracement. If prices push down further, prices might take support from horizontal swing low support in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. EMA is also below prices, showing bullish pressure for prices.

Trading Recommendation

Entry: 1.10196

Reason for Entry:

Horizontal swing low support, 50% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 1.10395

Reason for Take Profit:

Horizontal swing high resistance, 50% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss: 1.10070

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension

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

Pages