EURUSD reacting at ascending trendline support! Bounce incoming!

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Price is facing bullish pressure as it continues to hold above the ascending trendline support. We could see a bounce at 1st support, which is in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support, and a further rise towards 1st resistance, which is in line with 61.8% Fibonacci extension and horizontal swing high resistance. Stochastics has also bounced from the 10.22 support where it has reacted off before.

Trading Recommendation

Entry: 1.20643

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support

Take Profit: 1.21817

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.19860

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support

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

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