#EURUSD, H4 has reversed from pivot, potential for drop
Price is reversing from our Pivot point at 1.21817, in line with 50% fibonacci retracement, 61.8% fibonacci extension and horizontal overlap resistance, where we could potentially see a further drop from our pivot towards our 1st support level at 1.21212, which is in line with 61.8% fibonacci extension, 78.6% fibonacci retracement and horizontal swing low support. Please note that price is currently trending under the trendline support-turned-resistance in line with our bearish view.
Pivot: 1.21817
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and horizontal overlap resistance.
1st Support: 1.21212
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support.
1st Resistance: 1.22193
Why we like it:
76.4%, 88.0% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot: 1.21817
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and horizontal overlap resistance.
1st Support: 1.21212
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support.
1st Resistance: 1.22193
Why we like it:
76.4%, 88.0% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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