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22.01.202110:19 Forex Analysis & Reviews: EURUSD is approaching support, potential bounce!

Exchange Rates 22.01.2021 analysis

Price is testing our first support, in line with our ascending trend line, graphical pullback support, 23.6% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce above this level. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 1.21555

Reason for Entry:

ascending trend line, graphical pullback support, 23.6% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 1.22159

Reason for Take Profit:

127.2% fibonacci extension, horizontal swing high resistance

Stop Loss: 1.21373

Reason for Stop Loss:

38.2% fibonacci retracement, 100% fibonacci extension, horizontal swing low 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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