EURUSD, Reacting above key support. Potential for bounce
Description:
Price drifted sideways but currently still 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 1.21415, with 1st resistance at 1.22009 as a possible target. Failure to hold above pivot at 1.21415 would see price swing the other way towards 1st support at 1.21102.
Pivot: 1.21415
Supporting Points:
23.6% Fibonacci retracement, Moving average support
1st Support: 1.21102
Supporting Points:
88% and 50% Fibonacci retracement
1st Resistance: 1.21782
Supporting Points:
-27% Fibonacci retracement, 100% Fibonacci extension
Trading FX & CFDs carries high risk.
Price drifted sideways but currently still 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 1.21415, with 1st resistance at 1.22009 as a possible target. Failure to hold above pivot at 1.21415 would see price swing the other way towards 1st support at 1.21102.
Pivot: 1.21415
Supporting Points:
23.6% Fibonacci retracement, Moving average support
1st Support: 1.21102
Supporting Points:
88% and 50% Fibonacci retracement
1st Resistance: 1.21782
Supporting Points:
-27% Fibonacci retracement, 100% Fibonacci extension
Trading FX & CFDs carries high risk.