EURUSD approaching resistance, potential bearish reaction

FX:EURUSD   歐元 / 美元
EURUSD bounced nicely off its support at 1.2343 (50% Fibonacci retracement ) where it is approaching its 1st resistance at 1.2444 (61.8% Fibonacci extension x2, Horizontal swing high resistance) where a potential reversal may occur, pushing price back down to its 1st support or 2nd support at 1.2277 (61.8% Fibonacci retracement , horizontal swing low). If it breaks past this level it could also fall to its 3rd support at 1.2162 (61.8% Fibonacci retracement , L T 38.2% Fibonacci retracement , multiple swing low support). We have also identified another resistance at 1.2522 (100% Fibonacci extension , multiple swing high resistance).

Stochastic (89, 5, 3) shows it approaching its resistance at 98.04% where a corresponding reaction could occur.

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Losses can exceed the initial investment so please ensure you fully understand the risks.

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This analysis is provided as general market commentary and does not constitute investment advice.
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