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26.02.202110:56 Ανάλυση και κριτικές Forex: EURUSD approaching pivot, potential for a bounce!

Exchange Rates 26.02.2021 analysis

Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at our 1st support at 1.21385, which is in line with our 78.6% Fibonacci retracement and horizontal swing low support, and further upside towards our 1st resistance at 1.22090, in line with our 50% Fibonacci extension and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 1.21385

Reason for Entry:

78.6% Fibonacci retracement and horizontal swing low support

Take Profit: 1.22090

Reason for Take Profit:

50% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback resistance

Stop Loss: 1.21096

Reason for Stop Loss:

-27.2% Fibonacci retracement and 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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