FX.co ★ EURUSD short-term bullish pressure | 14th Oct 2021

We can see that price is abiding by the descending trendline resistance, however, price broke through a intermediate descending trendline resistance and hence, we can expect price to make a small bullish push up. We can expect price to push up from 1st Support in line with 61.8% Fibonacci projection towards the 1st Resistance in line with 38.2% Fibonacci Retracement and 61.8% Fibonacci projection. Our short-term bullish bias is further supported by the RSI indicator where it is abiding to a ascending trendline.

Trading Recommendation

Entry: 1.15253

Reason for Entry:

61.8% Fibonacci Projection

Take Profit: 1.16850

Reason for Take Profit:

61.8% Fibonacci projection and 38.2% Fibonacci Retracement

Stop Loss: 1.14947

Reason for Stop Loss:

Graphical overlap support, 100% Fibonacci projection