EURUSD testing major resistance, potential for a nice reversal!
EURUSD is testing major resistance at 1.2363 (Fibonacci retracement, horizontal swing high resistance, bearish divergence, Fibonacci extension) and a strong reaction could occur at this level to push price all the way down to major support at 1.2165 (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur. We’re also seeing strong bearish divergence vs price which is usually a precursor of a potential upcoming drop.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur. We’re also seeing strong bearish divergence vs price which is usually a precursor of a potential upcoming drop.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results