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

Price is facing resistance from 1st resistance level, in line with 50% fibonacci retracement, 50% fibonacci extension and horizontal swing high resistance. Prices might pullback to 1st support level which is a 127.2% fibonacci extension and -27.2% fibonacci retracement level. If prices break through 1st resistance, it might increase to 2nd resistance which is in line with 78.6% fibonacci extension and 78.6% fibonacci retracement. EMA is also above prices, giving prices bearish pressure.

Trading Recommendation

Entry: 1.18873

Reason for Entry:

Horizontal swing high resistance, 50% fibonacci retracement, 50% fibonacci extension

Take Profit: 1.18099

Reason for Take Profit:

127.2% fibonacci extension, -27.2% fibonacci retracement fibonacci confluence

Stop Loss: 1.19324

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% fibonacci retracement, 78.6% fibonacci extension