EURUSD testing support, potential bounce!

EURUSD is testing our first support at 1.2228 (horizontal swing low support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement, Elliot wave structure). A bounce might occur above this level, pushing price up to our major resistance at 1.2341 (50%, Fibonacci retracement, horizontal swing high resistance). A breakout of our intermediate resistance at 1.2285 (23.6% Fibonacci retracement, horizontal overlap resistance) might provide the bullish acceleration to our major resistance level.

Stochastic (55,5,3) is also approaching our major support and a bounce off this level might be a good precursor of a potential rise in price.

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