EURUSD testing both its support and resistance
EURUSD bounced nicely off its support at 1.2295 (61.8% Fibonacci retracement, horizontal overlap support) where it is now testing its 1st resistance at 1.2341 (50% Fibonacci retracement, horizontal overlap resistance). If it surpasses this level, it could potentially rise to its 2nd resistance at 1.2379 (61.8% Fibonacci extension, horizontal swing high resistance). However, we have also identified a descending resistance line that could hold prices down. If prices breaks past its 1st support, we could potentially see price falling to its 2nd support at 1.2237 (100% Fibonacci extension, horizontal overlap support).
Stochastic (89, 5, 3) is in the middle where it could either rise or fall.
Stochastic (89, 5, 3) is in the middle where it could either rise or fall.
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