EURUSD is approaching our first resistance at 1.1826 (horizontal overlap resistance, 61.8% Fiboancci retracement) and price might potentially fall to our major support at 1.1646 (horizontal overlap support, 61.8% Fibonacci retracement). A breakout below our intermediate support at 1.1729 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (89,5,3) is also approaching our resistance and a reaction off this level might see a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching our resistance and a reaction off this level might see a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.