EURUSD approaching resistance, potential drop!
EURUSD is approaching our first resistance at 1.2374 (horizontal overlap resistance, 61.8%, 76.4% Fibonacci retracement, 100% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 1.2214 (horizontal swing low support, 61.8% Fibonacci extension). A breakout of our intermediate support at 1.2286 (horizontal overlap support) might provide the bearish acceleration to our major support level.
Stochastic (55,5,3) is also approaching its major resistance and a reaction off this level might be a good precursor for a potential drop 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 its major resistance and a reaction off this level might be a good precursor for a potential drop 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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