#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.16896 which is in line with 61.8% Fibonacci retracement level. Price can potentially take support at 1.17196, which is in line with 78.6% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 1.16602, which coincides with horizontal pullback support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.16896
Why we like it:
61.8% Fibonacci retracement level
1st Support:
1.17196
Why we like it:
78.6% Fibonacci retracement level
1st Resistance:
1.16602
Why we like it:
horizontal pullback support
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.16896 which is in line with 61.8% Fibonacci retracement level. Price can potentially take support at 1.17196, which is in line with 78.6% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 1.16602, which coincides with horizontal pullback support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.16896
Why we like it:
61.8% Fibonacci retracement level
1st Support:
1.17196
Why we like it:
78.6% Fibonacci retracement level
1st Resistance:
1.16602
Why we like it:
horizontal pullback support
Trading FX & CFDs carries high risk.
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