EURUSD 4H approaching pivot, potential for a drop.
Description :
On the H4, price is reacting below our 1st resistance level at 1.13852 which is in line with horizontal swing high resistance, 50.0% Fibonacci retracement level. We are biased that price will potentially drop to 1st support at 1.1233, which is in line with horizontal swing low support. Alternatively, price may rise up to our 2nd resistance at 1.14633, which coincides with 161.8% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.13852
Why we like it:
Horizontal swing high resistance and 50.0% Fibonacci retracement
1st Support:
1.12330
Why we like it:
Horizontal swing low support
1st Resistance:
1.14633
Why we like it:
161.8% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
On the H4, price is reacting below our 1st resistance level at 1.13852 which is in line with horizontal swing high resistance, 50.0% Fibonacci retracement level. We are biased that price will potentially drop to 1st support at 1.1233, which is in line with horizontal swing low support. Alternatively, price may rise up to our 2nd resistance at 1.14633, which coincides with 161.8% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.13852
Why we like it:
Horizontal swing high resistance and 50.0% Fibonacci retracement
1st Support:
1.12330
Why we like it:
Horizontal swing low support
1st Resistance:
1.14633
Why we like it:
161.8% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.