#EURUSD retesting breakout trendline, potential for a bounce!
Price is reacting at our pivot level at 1.18480 which is in-line with 23.6% Fibonacci retracement level, 100% Fibonacci extension level and trendline support. Price could potentially swing towards resistance at 1.19195, in-line with 100% Fibonacci retracement level, 161.8% Fibonacci extension level and horizontal overlap resistance.
Alternatively, price could drop to support at 1.18000, which coincides with 50% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap support. RSI is also at horizontal trendline support where previous bounces occurred.
Pivot:
1.18480
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level and trendline support
1st Support:
1.18000
Why we like it:
50% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.19195
Why we like it:
100% Fibonacci retracement level, 161.8% Fibonacci extension level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Alternatively, price could drop to support at 1.18000, which coincides with 50% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap support. RSI is also at horizontal trendline support where previous bounces occurred.
Pivot:
1.18480
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level and trendline support
1st Support:
1.18000
Why we like it:
50% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.19195
Why we like it:
100% Fibonacci retracement level, 161.8% Fibonacci extension level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
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