EURUSD approaching resistance, potential drop!

11 May 2018

EURUSD is approaching our first resistance at 1.1932 (horizontal overlap resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 1.1736 (horizontal swing low support). A breakout below our intermediate support at 1.1826 (horizontal swing low support) might provide the bearish acceleration to our major support level.
RSI (55) is also approaching our resistance and a reaction off this level might be a good precursor for a potential drop in price.
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