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22.01.2021 10:19 AM
EURUSD is approaching support, potential bounce!

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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

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
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