#EURUSD approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 1.12806 which is in line with horizontal overlap support, 78.6% Fibonacci retracement level . We could potentially see a further rise from here towards 1.1379, which coincides with 127.2% Fibonacci extension level and the horizontal swing high resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 1.12315, which coincides with 161.8% Fibonacci extension level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.12806
Why we like it:
horizontal overlap support, 78.6% Fibonacci retracement level
1st Support:
1.12315
Why we like it:
161.8% Fibonacci extension level and horizontal swing low support
1st Resistance:
1.13790
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12806 which is in line with horizontal overlap support, 78.6% Fibonacci retracement level . We could potentially see a further rise from here towards 1.1379, which coincides with 127.2% Fibonacci extension level and the horizontal swing high resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 1.12315, which coincides with 161.8% Fibonacci extension level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.12806
Why we like it:
horizontal overlap support, 78.6% Fibonacci retracement level
1st Support:
1.12315
Why we like it:
161.8% Fibonacci extension level and horizontal swing low support
1st Resistance:
1.13790
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.