EURUSD H4 is testing our Pivot, potential for a bearish breakout

Price is testing our Pivot point at 1.17702, in line with 61.8%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 1.17217, which is in line with 200% fibonacci retracement and 127% fibonacci extension. Note that price is under the ichimoku cloud, in line with our bearish analysis.

Pivot: 1.17702
Why we like it:
61.8%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area

1st Support: 1.17217
Why we like it:
200% fibonacci retracement and 127% fibonacci extension

1st Resistance: 1.18357
Why we like it:
38.2%, 78.6%, -68% fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap

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