EUR/USD: Potential Bullish Bounce
Tickmill | Nov 26, 2021 02:37AM ET
Type: Bullish Bounce
Key Levels: Resistance: 1.13807, pivot: 1.11774, and support: 1.10014
Preferred Case: EUR/USD is approaching pivot level at 1.11774 which is in line with 161.8% Fibonacci extension level horizontal swing low support. We could potentially see a further rise from here towards 1.13807, which coincides with horizontal overlap resistance at 1st resistance. Our bullish bias is supported by how price is likely to bounce off the Stochastic support level.
Alternative Scenario: Alternatively, the price may drop to 1st support at 1.10014, which coincides with 78.6% Fibonacci retracement level and horizontal overlap support.
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