#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.13616 which is in line with horizontal swing high resistance. Price can potentially take support at 1.13005, which is in line with 50.0% Fibonacci retracement level and horizontal swing low support. Alternatively, price may rise up to our resistance at 1.13828, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
1.13616
Why we like it:
horizontal swing high resistance
1st Support:
1.13005
Why we like it:
50.0% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13828
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.13616 which is in line with horizontal swing high resistance. Price can potentially take support at 1.13005, which is in line with 50.0% Fibonacci retracement level and horizontal swing low support. Alternatively, price may rise up to our resistance at 1.13828, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
1.13616
Why we like it:
horizontal swing high resistance
1st Support:
1.13005
Why we like it:
50.0% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13828
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
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