EURUSD is approaching support, buy on weakness!

EURUSD is testing our intermediate support at 1.2285 (23.6% Fibonacci retracement, horizontal swing low support) and a breakout of this level will provide the bearish acceleration to our major support at 1.2239 (61.8%, 100% Fibonacci extension, Elliot wave structure, 76.4% Fibonacci retracement) where we prepare to buy on weakness. We expect a strong bounce from this level, pushing price up to our major resistance at 1.234 (Horizontal swing high resistance).

Stochastic (55,5,3) is also approaching our major support at 3%, in line with the downside before price reaches our buy entry. A bounce from this level will be a good precursor of a rise in price.

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