#EURUSD approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 1.12907 which is in line with 50.0% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1.13764, which coincides with horizontal swing high resistance, 127.2% Fibonacci extension level. Alternatively, we may see price drop to 1st support at 1.1251, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.12907
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
1.12510
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13764
Why we like it:
horizontal swing high resistance, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12907 which is in line with 50.0% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1.13764, which coincides with horizontal swing high resistance, 127.2% Fibonacci extension level. Alternatively, we may see price drop to 1st support at 1.1251, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.12907
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
1.12510
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13764
Why we like it:
horizontal swing high resistance, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.