EURUSD facing bullish pressure, potential for further upside!

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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

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