EURUSD reacting above 1st support, potential for further upside!

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Price is reacting above 1st support, which is in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support. We could potentially see further upside above 1st support towards 1st resistance, which is in line with our 100% Fibonacci extension and horizontal swing high resistance. Stochastics has also just bounced from the 15.02 support level where it has reacted from before.

Trading Recommendation

Entry: 1.19890

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support

Take Profit: 1.20695

Reason for Take Profit:

100% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.19426

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low suppor

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

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