EURUSD testing both its resistance and support!

Updated

EURUSD is testing its descending resistance line and its support at 1.2358 (horizontal overlap support). If it surpasses both the descending resistance line and its 1st resistance at 1.2380 (100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance), it could potentially rise further to its 2nd or 3rd resistance at 1.2414 (61.8% Fibonacci extension, horizontal swing high resistance) and 1.2445 (horizontal swing high resistance). If however, it breaks past its 1st support, price could potentially fall to its 2nd support at 1.2295 (61.8% Fibonacci extension, horizontal overlap support).

RSI (89, 5, 3) shows a potential break out.

Note

EURUSD tested its resistance at 1.2380 but got held down by its descending support, pushing price down all the way to our 2nd support at 1.2295.

Note

Descending resistance*

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