EURUSD facing bearish pressure. Potential for further downside.

Price is facing bearish pressure as it continues to hold below the Ichimoku cloud in line with our bearish bias. We expect a medium probability bearish drop from our pivot towards our 1st support at 1.20254. Otherwise, a break above the pivot should see price swing towards 1st resistance at 1.20817.

Pivot: 1.20568
Supporting Points:
38.2% Fibonacci retracement, 23.6% Fibonacci extension and graphical pullback resistance

1st Support: 1.20254
Supporting Points:
23.6% Fibonacci extension and graphical swing low support

1st Resistance: 1.20817
Supporting Points:
61.8% Fibonacci retracement, 38.2% Fibonacci extension and graphical pullback resistance

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