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FX.co ★ EURCHF facing bullish pressure, potential for further upside!

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Forex Analysis:::2021-04-23T08:13:32

EURCHF facing bullish pressure, potential for further upside!

EURCHF facing bullish pressure, potential for further upside!

Prices are facing bullish pressure from 1st support which is in line with horizontal swing low support, 100% Fibonacci extension and 78.6% Fibonacci retracement. If prices push up further, prices might face resistance from 1st resistance which is horizontal swing high resistance in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. If prices fall through 1st support, prices might take support from horizontal swing low support, in line with 161.8% Fibonacci extension and 127.2% Fibonacci retracement. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.10149

Reason for Entry:

Horizontal pullback resistance, 50% Fibonacci retracement, 100% Fibonacci extension

Take Profit: 1.10474

Reason for Take Profit:

Horizontal swing high resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement

Stop Loss: 1.10004

Reason for Stop Loss:

Horizontal swing low support, 161.8% Fibonacci extension, 127.2% Fibonacci retracement

Analyst InstaForex
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