HMC_Trader

#EURUSD approaching pivot, potential for a drop!

Short
FX:EURUSD   Euro / U.S. Dollar
Price is reacting below our pivot level at 1.17745 which is in line with 23.6% Fibonacci retracement levelhorizontal overlap resistance. Price can potentially take support at 1.17271, which is in line with -27.2% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 1.17992, which coincides with 50.0% Fibonacci retracement level & moving average resistance . This is further supported by how price is holding below the EMA

Pivot:
1.17745
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap resistance

1st Support:
1.17271
Why we like it:
-27.2% Fibonacci retracement level

1st Resistance:
1.17992
Why we like it:
50.0% Fibonacci retracement level & moving average resistance

Trading FX & CFDs carries high risk.