EURUSD is bouncing off our first support at 1.2156 (horizontal swing low support, 100% Fibonacci extension, Elliot wave structure). A rally might occur above this level, pushing price up to our major resistance at 1.2247 (horizontal overlap resistance, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bullish divergence and is approaching our major support where a bounce off this level might be a good precursor for a potential rise in price.
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