EURCHF approaching strong support, watch for a potential bounce!

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EURCHF is approaching strong support at 1.1521 (Elliott wave structure, Fibonacci extension) and what could happen is that it takes out the stop losses below our wave 3 with a wave 5 movement. This would then lead to a potential bounce up to 1.1639 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is seeing major support above 4.2% where a corresponding bounce could occur.

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