EURUSD bounced nicely off its ascending support, potential rise!
(short term view)
EURUSD has bounced nicely from its long term ascending line after testing it and is approaching its 1st resistance at 1.2363 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance). If price breaks past this level, potential rise in price to it’s 2nd resistance at 1.2434 (61.8% Fibonacci extension , 61.8% Fibonacci retracement ). We have also identified another support at 1.2236 (100% Fibonacci extension , 50% Fibonacci retracement ).
Stochastic (89, 5, 3) shows room for it to have a corresponding rise to its major resistance at 99.8%.
EURUSD has bounced nicely from its long term ascending line after testing it and is approaching its 1st resistance at 1.2363 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance). If price breaks past this level, potential rise in price to it’s 2nd resistance at 1.2434 (61.8% Fibonacci extension , 61.8% Fibonacci retracement ). We have also identified another support at 1.2236 (100% Fibonacci extension , 50% Fibonacci retracement ).
Stochastic (89, 5, 3) shows room for it to have a corresponding rise to its major resistance at 99.8%.
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