EURUSD is testing our intermediate support at 1.2285 (23.6% Fibonacci retracement, horizontal swing low support) and a breakout of this level will provide the bearish acceleration to our major support at 1.2239 (61.8%, 100% Fibonacci extension, Elliot wave structure, 76.4% Fibonacci retracement) where we prepare to buy on weakness. We expect a strong bounce from this level, pushing price up to our major resistance at 1.234 (Horizontal swing high resistance).
Stochastic (55,5,3) is also approaching our major support at 3%, in line with the downside before price reaches our buy entry. A bounce from this level will be a good precursor of a rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also approaching our major support at 3%, in line with the downside before price reaches our buy entry. A bounce from this level will be a good precursor of a rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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