#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.13852 which is in line with horizontal swing high resistance, 50.0% Fibonacci retracement level. Price can potentially take support at 1.233, which is in line with horizontal swing low support. Alternatively, price may rise up to our 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 bounce off the Stochastic support level .
Pivot:
1.13852
Why we like it:
horizontal swing high resistance, 50.0% Fibonacci retracement level
1st Support:
1.23300
horizontal swing low support
1st Resistance:
1.14633
161.8% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.13852 which is in line with horizontal swing high resistance, 50.0% Fibonacci retracement level. Price can potentially take support at 1.233, which is in line with horizontal swing low support. Alternatively, price may rise up to our 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 bounce off the Stochastic support level .
Pivot:
1.13852
Why we like it:
horizontal swing high resistance, 50.0% Fibonacci retracement level
1st Support:
1.23300
horizontal swing low support
1st Resistance:
1.14633
161.8% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.