EURUSD is facing bullish pressure. Potential for more upside.
Description:
Price is reversing towards our pivot at 1.21286. We expect a medium probability bullish scenario for price to bounce off our pivot at 1.21286 towards our 1st resistance at 1.21602. Otherwise, a break below the pivot should see price swing towards 1st support at 1.21062. It is noteworthy that price is trending above an ascending trendline, as well as the moving average, in line with our bullish analysis.
Pivot: 1.21286
Supporting Points:
38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension, ascending trendline support and horizontal graphical overlap.
1st Support: 1.21062
Supporting Points:
127% Fibonacci retracement, 161.8% Fibonacci extension and horizontal graphical overlap support
1st Resistance: 1.21602
Supporting Points:
-27% fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical swing high resistance.
Trading FX & CFDs carries high risk.
Price is reversing towards our pivot at 1.21286. We expect a medium probability bullish scenario for price to bounce off our pivot at 1.21286 towards our 1st resistance at 1.21602. Otherwise, a break below the pivot should see price swing towards 1st support at 1.21062. It is noteworthy that price is trending above an ascending trendline, as well as the moving average, in line with our bullish analysis.
Pivot: 1.21286
Supporting Points:
38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension, ascending trendline support and horizontal graphical overlap.
1st Support: 1.21062
Supporting Points:
127% Fibonacci retracement, 161.8% Fibonacci extension and horizontal graphical overlap support
1st Resistance: 1.21602
Supporting Points:
-27% fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical swing high resistance.
Trading FX & CFDs carries high risk.