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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EURUSD facing bullish pressure, potential for further upside!

analytics60a5f89102654.jpg

Prices are facing bullish pressure from ascending trendline support in line with 100% Fibonacci extension and 127.2% Fibonacci retracement . Prices might push up towards horizontal swing high resistance in line with 161.8% Fibonacci extension . If prices push down further, prices might take support from 161.8% Fibonacci retracement and 161.8% Fibonacci extension . Stochastics is also taking support from 10.44 level, potential for a bounce.

Trading Recommendation

Entry: 1.21769

Reason for Entry:

Horizontal swing low support, 100% Fibonacci extension, 127.2% Fibonacci retracement

Take Profit: 1.22387

Reason for Take Profit:

Horizontal swing high resistance, 161.8% Fibonacci extension

Stop Loss: 1.21448

Reason for Stop Loss:

Horizontal swing low support, 161.8% Fibonacci retracement, 161.8% Fibonacci extension

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