FX.co ★ EURUSD broke above descending trendline resistance, further rise expected!

EURUSD broke above descending trendline resistance (now support) and is also holding above moving average as well. A further push up above 1.16628 towards 1st resistance at 1.16870 is expected.

Trading Recommendation

Entry: 1.16628

Reason for Entry:

38.20% fib retracement, moving average

Take Profit : 1.16870

Reason for Take Profit:

61.8% fib retracement

Stop Loss: 1.16490

Reason for Stop loss:

61.8% fib retracement, descending trendline support