FX.co ★ EUR/USD Approaching Support, Prepare For A Bounce

The price is approaching its buying level support at 1.2284 (61.8% Fibonacci retracement, 78.6% Fibonacci retracement, multiple swing low support) where we expect a bounce from to push prices all the way up to major resistance at 1.2436 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious about intermediate resistance at 1.2380 (50% Fibonacci retracement, horizontal overlap resistance).

Stochastic (89, 5, 3) is seeing a nice support at 1.8% where we expect prices to bounce when it's around that level.