EURUSD approaching its support, potential for a bounce!

16 Mar 2018

EURUSD approaching its support at 1.2276 (61.8% Fibonacci retracement, horizontal swing low) where a potential bounce could occur, causing price to rise to its 1st resistance at 1.2444 (61.8% Fibonacci extension x2, horizontal swing high resistance). If it breaks past this resistance, it could rise to its 2nd resistance at 1.2522 (100% Fibonacci extension, multiple swing high resistance). We have also identified a 2nd support at 1.2162 (61.8% Fibonacci retracement, L T 38.3% Fibonacci retracement, multiple swing low support).
Stochastic (89, 5, 3) also shows it approaching its support at 2.14% where a corresponding reaction may occur.

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