#EURUSD approaching pivot, potential for a drop!

Price is reacting below our pivot level at 1.17651 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.16658, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 1.18048, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
1.17651
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance

1st Support:
1.16658
Why we like it:
horizontal swing low support

1st Resistance:
1.18048
Why we like it:
horizontal swing high resistance

Trading FX & CFDs carries high risk.