13.01.202112:00 Forex Analysis & Reviews: EURUSD is approaching support, potential bounce!

Exchange Rates 13.01.2021 analysis

Price is facing bullish pressure from our first support, in line with our 23.6% fibonacci retracement and horizontal overlap support where we could see a further bounce up to test our first resistance target. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 1.21950

Reason for Entry:

23.6% fibonacci retracement and horizontal overlap support

Take Profit: 1.22750

Reason for Take Profit:

horizontal swing high resistance

Stop Loss: 1.21787

Reason for Stop Loss:

100% Fibonacci extension, 50% Fibonacci retracement and horizontal pullback support

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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