#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
Trading FX & CFDs carries high risk.
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
Trading FX & CFDs carries high risk.