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05.03.202111:55 Forex Analysis & Reviews: EURJPY is facing bullish pressure, potential for further upside

Exchange Rates 05.03.2021 analysis

Price is facing bullish pressure from 1st support level which is a horizontal swing low support, in line with 61.8% fibonacci retracement and 50% fibonacci extension level. Price might bounce up from 1st support to the 1st resistance which coincides with the 78.6% fibonacci retracement . If prices fall through 1st support and the ascending trendline support, it might reach 2nd support level which is the next horizontal swing low resistance, in line with the 78.6% fibonacci extension .

Trading Recommendation

Entry: 128.739

Reason for Entry:

Horizontal swing low support, 61.8% fibonacci retracement, 50% fibonacci extension

Take Profit: 129.637

Reason for Take Profit:

Horizontal swing high resistance, 78.6% fibonacci retracement

Stop Loss: 0.71805

Reason for Stop Loss:

Horizontal swing low support, 78,6% 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
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