#EURUSD approaching pivot, potential for a drop!
Price is approaching pivot level of 1.18144 where we have 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & 78.6% Fibonacci retracement level lining up. A reversal from this level might see price take support at 1.17646, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.18513, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the descending trendline
Pivot:
1.18144
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & 78.6% Fibonacci retracement level
1st Support:
1.17646
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.18513
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.18144
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & 78.6% Fibonacci retracement level
1st Support:
1.17646
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.18513
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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