FX.co ★ EURCHF approaching pivot, potential for reversal

Prices are approaching 78.6% Fibonacci retracement and 78.6% Fibonacci extension fibonacci confluence . Prices might reverse and push down towards horizontal swing low support in line with 127.2% Fibonacci extension and 161.8% Fibonacci retracement . If prices continue to push up, prices might face resistance from horizontal swing high resistance in line with 161.8% Fibonacci retracement and 161.8% Fibonacci extension. Stochastics is also approaching resistance of 93.75 level, potential for reversal.

Trading Recommendation

Entry: 1.09572

Reason for Entry:

78.6% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 1.09206

Reason for Take Profit:

Horizontal swing low support, 127.2% Fibonacci extension, 161.8% Fibonacci retracement

Stop Loss: 1.09790

Reason for Stop Loss:

Horizontal swing high resistance, 161.8% Fibonacci retracement, 161.8% Fibonacci extension