#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.16109 which is in line with 50.0% Fibonacci extension level, 127.2% Fibonacci retracement level. Price can potentially take support at 1.14411, which is in line with horizontal overlap support. Alternatively, price may rise up to our resistance at 1.16746, which coincides with horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.16109
Why we like it:
50.0% Fibonacci extension level, 127.2% Fibonacci retracement level
1st Support:
1.14411
Why we like it:
horizontal overlap support
1st Resistance:
1.16746
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.16109 which is in line with 50.0% Fibonacci extension level, 127.2% Fibonacci retracement level. Price can potentially take support at 1.14411, which is in line with horizontal overlap support. Alternatively, price may rise up to our resistance at 1.16746, which coincides with horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.16109
Why we like it:
50.0% Fibonacci extension level, 127.2% Fibonacci retracement level
1st Support:
1.14411
Why we like it:
horizontal overlap support
1st Resistance:
1.16746
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.