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M4Academy

EURUSD, approaching our pivot point. Potential for a drop.

Short
Euro / U.S. Dollar (SAXO:EURUSD)  
M4Academy  
SAXO:EURUSD   Euro / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns
3
0
trendanalysis harmonicpatterns chartpattern

Description:
Price is approaching our pivot point of 1.22319 at the 76.4% fibonacci retracement, 78.6% Fibonacci extension level and descending trendline resistance. A drop from our pivot at 1.22319 towards 1st support at 1.22056 could be possible. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.22524. Note that price is trending under a descending trendline, in line with out bearish analysis.

Pivot: 1.22319
Supporting Points:
76.4% fibonacci retracement, 78.6% Fibonacci extension level and descending trendline resistance

1st Support: 1.22056
Supporting Points:
50% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap support

1st Resistance: 1.22524
Supporting Points:
127% Fibonacci extension and Horizontal graphical swing high resistance.
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