Tickmill
Short

EURUSD approaching resistance, potential drop!

FX:EURUSD   Euro / U.S. Dollar
Price is approaching our first resistance at 1.1532 (horizontal overlap resistance, 23.6% Fibonacci retracement , 100%, 61.8% Fibonacci extension ) where a strong reaction could occur below this level pushing price down to our major support at 1.1369 (horizontal swing low support, 100% fibonacci extension , 61.8% fibonacci retracement ).
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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