EURUSD, Reacting above key support. Potential for bounce.
Description:
Price currently holding above moving average and MACD indicator is above 0, showing room for possible further bullish momentum. We see a medium probability bullish scenario above our pivot 1.21052, with 1st resistance at 1.21782 as a possible target. Failure to hold above pivot at 1.21052 would see price swing the other way towards 1st support at 1.20402.
Pivot: 1.21052
Supporting Points:
23.6% Fibonacci retracement, Moving average support
1st Support: 1.20402
Supporting Points:
Graphical swing low
1st Resistance: 1.21782
Supporting Points:
-61.8% Fibonacci retracement, 78.6% Fibonacci extension
Trading FX & CFDs carries high risk.
Price currently holding above moving average and MACD indicator is above 0, showing room for possible further bullish momentum. We see a medium probability bullish scenario above our pivot 1.21052, with 1st resistance at 1.21782 as a possible target. Failure to hold above pivot at 1.21052 would see price swing the other way towards 1st support at 1.20402.
Pivot: 1.21052
Supporting Points:
23.6% Fibonacci retracement, Moving average support
1st Support: 1.20402
Supporting Points:
Graphical swing low
1st Resistance: 1.21782
Supporting Points:
-61.8% Fibonacci retracement, 78.6% Fibonacci extension
Trading FX & CFDs carries high risk.