27.01.202111:28 Forex Analysis & Reviews: EURUSD is approaching support, potential bounce

Price is facing bullish pressure from our first support, in line with our horizontal pullback support, 50% fibonacci retracement and 78.6% fibonacci extension where we could see a bounce above this level to our first resistance target.

Trading Recommendation

Entry: 1.21437

Reason for Entry:

horizontal pullback support, 50% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 1.21805

Reason for Take Profit:

Horizontal swing high resistance

Stop Loss: 1.21216

Reason for Stop Loss:

78.6% fibonacci retracement, 127.2% fibonacci extension

*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

More articles by this author

Back to the list

Ask the author

E-mail subscription

Benefit from analysts’ recommendations right now

Top up trading account

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Daily Video Analysis: GBPCAD facing bearish pressure, potential for further rise!

Today we take a look at GBPCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds under the descending trendline.

GBPCAD reacting below descending trendline resistance! Drop incoming!

GBPCAD reacting below descending trendline resistance. A short term drop below our 1st resistance at 1.72977 towards 1st support at 1.72371 could be possible.Stochastic is testing resistance where price reacted in the past as well. Trading Recommendation Entry: 1.72977 Reason for Entry: 78.6%.

EURCHF facing bearish pressure, potential for more downside!

Prices are facing bearish pressure from 1st resistance in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down further towards 1st support in line with 78.6% FIbonacci retracement and 61.8% FIbonacci retracement. If prices push past 1st resistance, prices.