Description Price is testing our Pivot point of 1.21444, which is in line with our 50% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.20660, in line with a fibonacci confluence. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish view.
Pivot: 1.21444 Why we like it: 50% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.20660 Why we like it: 88% Fibonacci retracement, 50% fibonacci extension and horizontal swing low resistance.
1st Resistance: 1.22053 Why we like it: 50%, 88%, -61.8% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap Trading FX & CFDs carries high risk.