#EURUSD approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 1.12339 which is in line with horizontal swing low support . We could potentially see a further rise from here towards 1st resistance at 1.13239, which coincides with horizontal overlap resistance, 78.6% Fibonacci retracement level. Alternatively, we may see price to drop to 1st support at 1.11867, which coincides with 127.2% Fibonacci extension level and horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12339
Why we like it:
Horizontal swing low support
1st Support:
1.11867
Why we like it:
Horizontal swing low support and 127.2% Fibonacci extension level
1st Resistance:
1.13239
Horizontal overlap resistance and 78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12339 which is in line with horizontal swing low support . We could potentially see a further rise from here towards 1st resistance at 1.13239, which coincides with horizontal overlap resistance, 78.6% Fibonacci retracement level. Alternatively, we may see price to drop to 1st support at 1.11867, which coincides with 127.2% Fibonacci extension level and horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12339
Why we like it:
Horizontal swing low support
1st Support:
1.11867
Why we like it:
Horizontal swing low support and 127.2% Fibonacci extension level
1st Resistance:
1.13239
Horizontal overlap resistance and 78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.