EURUSD reversed nicely off its resistance, potential to drop! för FX:EURUSD av ICmarkets

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EURUSD reversed nicely off its resistance at 1.1825 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentially fall further to its support at 1.1647 (horizontal overlap support, 61.8% Fibonacci retracement). We do have to be cautious of the intermediate support at 1.1741 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 4) reversed nicely off its resistance and still has downside potential.

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