FX.co ★ EURUSD facing bullish pressure, potential for further upside

Price is facing bullish pressure from 1st support at 1.20146, in line with 161.8% fibonacci extension and horizontal swing low support. Prices could bounce to 1st resistance at 1.20927 where it coincides with the horizontal swing high resistance as well as 61.8% fibonacci extension. Prices have also break above the descending trendline and did a retest, predicting a further bounce up. However, if prices break below the descending trendline and 1st support, prices could fall to 2nd support which coincides with 127.2% fibonacci retracement and-27.2% fibonacci retracement.

Trading Recommendation

Entry: 1.20162

Reason for Entry:

Horizontal swing low support, 161.8% fibonacci extension

Take Profit: 1.20927

Reason for Take Profit:

Horizontal swing high resistance, 61.8% fibonacci extension

Stop Loss: 1.19644

Reason for Stop Loss:

127.2% fibonacci retracement, -27.2% fibonacci retracement