EURUSD approaching support, potential bounce!

EURUSD is approaching our first support at 1.230 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.2421 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8% Fibonacci extension). A breakout above our intermediate resistance at 1.2378 (horizontal swing high resistance, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.

Stochastic (55,5,3) is also approaching our major support and short term ascending support line. A bounce off this level might be a good precursor for a potential rise in price.

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