EURUSD testing major resistance, potential reversal!

6 Mar 2018

EURUSD is testing major resistance at 1.2364 (61.8% Fibonacci extension , 50% Fibonacci retracement , horizontal overlap resistance) where a possible reversal might happen. Price may fall to its 1st support at 1.2236 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal pull back support). If it breaks past this level it could possibly fall to its next resistance at 1.2161 (100% Fibonacci extension , L T 61.8% Fibonacci retracement , horizontal swing low support). We have also identified another resistance at 1.2403 (61.8% Fibonacci extension , 61.8% Fibonacci retracement ).

Stochastic (89, 5, 3) is approaching its resistance at 97.7% where a corresponding reversal could occur.