EURUSD retesting descending trendline support. We may see a possible swing to our 1st resistance at 1.19195, in-line with our 100% Fibonacci retracement and 161.8% Fibonacci extension. RSI is also at ascending trendline support for further upside. Otherwise, price could potentially drop to first support at 1.18000, in-line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance.
Trading Recommendation
Entry: 1.18355
Reason for Entry:
23.6% Fibonacci retracement, 100% Fibonacci extension and breakout trendline support
Take Profit: 1.19195
Reason for Take Profit:
100% Fibonacci retracement and 161.8% Fibonacci extension
Stop Loss: 1.18000
Reason for Stop Loss:
61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance