EURUSD, H4 bounced from Pivot point, potential for further rise.
Description:
Price is bouncing from our Pivot point at 1.21842, which is a Fibonacci confluence level. We could potentially see price rise towards our 1st resistance level at 1.22424. It is worth noting that price is attempting to break out of the Ichimoku cloud showing bullish pressure in line with our analysis.
Pivot: 1.21842
Why we like it:
61.8%, 61.8%, 78.6% Fibonacci retracement and ascending trendline support
1st Support: 1.21518
Why we like it:
88%, -61.8% Fibonacci retracement, 76.4% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.22424
Why we like it:
78.6%, -27% Fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price is bouncing from our Pivot point at 1.21842, which is a Fibonacci confluence level. We could potentially see price rise towards our 1st resistance level at 1.22424. It is worth noting that price is attempting to break out of the Ichimoku cloud showing bullish pressure in line with our analysis.
Pivot: 1.21842
Why we like it:
61.8%, 61.8%, 78.6% Fibonacci retracement and ascending trendline support
1st Support: 1.21518
Why we like it:
88%, -61.8% Fibonacci retracement, 76.4% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.22424
Why we like it:
78.6%, -27% Fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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