#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.13452 which is in line with horizontal overlap resistance, 61.8% Fibonacci retracement level. Price can potentially take support at 1.12791, which is in line with horizontal swing low support, 78.6% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 1.1363, which coincides with horizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.13452
Why we like it:
horizontal overlap resistance, 61.8% Fibonacci retracement level
1st Support:
1.12791
Why we like it:
horizontal swing low support, 78.6% Fibonacci retracement level
1st Resistance:
1.13630
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.13452 which is in line with horizontal overlap resistance, 61.8% Fibonacci retracement level. Price can potentially take support at 1.12791, which is in line with horizontal swing low support, 78.6% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 1.1363, which coincides with horizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.13452
Why we like it:
horizontal overlap resistance, 61.8% Fibonacci retracement level
1st Support:
1.12791
Why we like it:
horizontal swing low support, 78.6% Fibonacci retracement level
1st Resistance:
1.13630
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.