EURUSD, H4 is testing our Pivot point, potential for a drop.
Price is testing our Pivot point at 1.21265, in line with 61.8% fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap, where we could potentially see a drop from our pivot towards our 1st support level at 1.20668, which is in line with 61.8% fibonacci extension and 127% fibonacci retracement. Note that price is trending above the moving average and may return to test the level.
Pivot: 1.21265
Why we like it:
61.8% fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 1.20668
Why we like it:
61.8% fibonacci extension and 127% fibonacci retracement
1st Resistance: 1.21858
Why we like it:
50% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
Pivot: 1.21265
Why we like it:
61.8% fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 1.20668
Why we like it:
61.8% fibonacci extension and 127% fibonacci retracement
1st Resistance: 1.21858
Why we like it:
50% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
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