EURUSD ~ Zones of Support and Resistance 10/12/15
EURUSD
Divergence of the MACD and the Bullish Channel suggests there may be a continued bullish move for the EURUSD. I offer the following expected Zones of Support and Resistance once a breakout occurs.
Zone of Support
1st: 1.1158 to 1.1085
2nd: Minor Support at 1.013
3rd: 1.084 to 1.080
Zone of Resistance
1st: 1.136 to 1.139
2nd: 1.147 to 1.149
3rd: 1.171
The EURUSD attempted to breakout on 10/14/15 but was rejected at the 2nd Zone of Resistance (1.147 to 1.149) and has now returned within the bounds of the pennant.
The bottom support line of the pennant and the bullish channel is within the 1st Zone of Support, which may offer strong support.
There is also a possibility that support will be found at the 50% mark (1.12587) on the (Red) Fibonacci Line.