EURUSD approaching resistance, watch for breakout!

EURUSD is approaching our first resistance at 1.2288 (horizontal overlap resistance, 100% Fibonacci extension, 23.6% Fibonacci retracement). A breakout above this level might cause a strong rally up to our major resistance at 1.2373 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Price also broke out of our short term descending resistance-turned-support line, in line with our bullish bias.

Stochastic (55,5,3) is also seeing a bullish divergence and more upside before it reaches its major resistance, in line with the potential upside in price.

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