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29.09.2021 09:43 AM
EURUSD bullish bounce| 29th Sep 2021

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Price is reacting in between the 1st Resistance and 1st support. We can expect the price to bounce from the 1st Support in line with 100% Fibonacci Projection and horizontal swing lows towards the 1st Resistance in line with 100% Fibonacci projection and horizontal swing highs. Our bullish bias is further supported by the RSI indicator where we can see bullish divergence.

Trading Recommendation

Entry:1.16646

Reason for Entry:

100% Fibonacci Projection, horizontal swing low

Take Profit: 1.19094

Reason for Take Profit:

100% Fibonacci Projection, horizontal swing high

Stop Loss: 1.16124

Reason for Stop Loss:

127.2% Fibonacci Projection and 127.2% Fibonacci Retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Summary
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Dean Leo
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