FX.co ★ EURUSD is approaching resistance, potential reversal

Price is approaching our first resistance, in line with our descending trend line, 78.6% fibonacci retracement and 78.6% fibonacci extension where we could see a reversal below this level to our first support target.

Trading Recommendation

Entry: 1.18203

Reason for Entry:

descending trend line, 78.6% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 1.16959

Reason for Take Profit:

61.8% fibonacci retracement and Horizontal swing low support

Stop Loss: 1.18493

Reason for Stop Loss:

88.6% fibonacci retracement