EURUSD reversed off its resistance at 1.1837 (61.8% & 38.2% Fibonacci retracement, horizontal overlap resistance) where it could potentially fall to its support at 1.1647 (horizontal overlap support). Stochastic (55, 5, 3) has also reversed off its resistance at 96% where a corresponding drop could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.