EURUSD is approaching our first support at 1.11744 (100% Fiboancci extesion, 61.8% Fiboancci retracement, horizontal swing low support) where a strong bounce to our first resistance at 1.13369 (horizontal swing high resistance, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) might occur.

Stochastic is also approaching support where we might see a bounce above this level.

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group