FX.co ★ EURUSD is facing bearish pressure, potential for drop!

Price is facing bearish pressure from our first resistance, in line with our 100% fibonacci extension, 50%, 78.6% fibonacci retracement, and horizontal graphical resistance where we could see a potential reversal under this level to our support level. The Stochastics is also showing signs of bearish pressure from the resistance level of 84.31.

Trading Recommendation

Entry: 1.17378

Reason for Entry:

100% fibonacci extension resistance, 50%, 78.6% fibonacci retracement and horizontal graphical resistance level.

Take Profit: 1.16449

Reason for Take Profit:

38.6%, 76.4% fibonacci retracement.

Stop Loss: 1.17848

Reason for Stop Loss:

127% fibonacci Extension, 61.8% fibonacci retracement