#EURUSD 4H approaching pivot, potential for a drop.
Description Price is reacting below our pivot level at 1.6031 which is in line with 50.0% Fibonacci retracement levelhorizontal swing high resistance. Price can potentially take support at 1.15354, which is in line with 78.6% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 1.1624, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot: 1.60310 Why we like it: 50.0% Fibonacci retracement levelhorizontal swing high resistance
1st Support: 1.15354 Why we like it: 78.6% Fibonacci retracement level
1st Resistance: 1.16240 Why we like it: 61.8% Fibonacci retracement levelhorizontal overlap resistance
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