EURUSD, H4 is reversing to our Pivot point, potential for a drop

Description
Price is approaching our Pivot point of 1.22347, which is in line with our 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending channel resistance, where we could see a potential drop at this level to our first support level of 1.21688, in line with 61.8% Fibonacci extension and horizontal graphical overlap. It is worth noting that price is trending within the descending channel in line with our bearish view.


Pivot: 1.22347
Why we like it:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending channel resistance

1st Support: 1.21688
Why we like it:
61.8% Fibonacci extension and horizontal graphical overlap.

1st Resistance: 1.22592
Why we like it:
78.6% Fibonacci extension and horizontal graphical resistance.

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