EURUSD is facing bullish pressure. Potential for more upside.
Description:
Price is testing for a bullish breakout at our pivot of 1.21420. We expect a medium probability from our pivot towards our 1st resistance at 1.21874. Otherwise, a reversal from below the pivot should see price swing towards 1st support at 1.20934. It is noteworthy that price has broken out of the descending trendline and is facing bullish pressure in line with our analysis.
Pivot: 1.21420
Supporting Points:
38.2%, 78.6% Fibonacci retracement, 61.8%, 61.8% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.20934
Supporting Points:
61.8% Fibonacci retracement, descending trendline support and horizontal graphical overlap support
1st Resistance: 1.21874
Supporting Points:
78.6%, -27%, 127% fibonacci retracement, 88.6%, 100% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is testing for a bullish breakout at our pivot of 1.21420. We expect a medium probability from our pivot towards our 1st resistance at 1.21874. Otherwise, a reversal from below the pivot should see price swing towards 1st support at 1.20934. It is noteworthy that price has broken out of the descending trendline and is facing bullish pressure in line with our analysis.
Pivot: 1.21420
Supporting Points:
38.2%, 78.6% Fibonacci retracement, 61.8%, 61.8% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.20934
Supporting Points:
61.8% Fibonacci retracement, descending trendline support and horizontal graphical overlap support
1st Resistance: 1.21874
Supporting Points:
78.6%, -27%, 127% fibonacci retracement, 88.6%, 100% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.