#EURUSD approaching pivot, potential for a breakout!
Description
Price is approaching and likely to breakout of strong pivot level of 1.16098. This level coincides with horizontal overlap support, 23.6% Fibonacci retracement level. A break and close above this level could see price swing towards 1st resistance at 1.16259. This level is strengthened by 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, we can expect price to take support at 1.15873, which coincides with 38.2% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.16098
Why we like it:
horizontal overlap support, 23.6% Fibonacci retracement level
1st Support:
1.15873
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.16259
Why we like it:
161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching and likely to breakout of strong pivot level of 1.16098. This level coincides with horizontal overlap support, 23.6% Fibonacci retracement level. A break and close above this level could see price swing towards 1st resistance at 1.16259. This level is strengthened by 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, we can expect price to take support at 1.15873, which coincides with 38.2% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.16098
Why we like it:
horizontal overlap support, 23.6% Fibonacci retracement level
1st Support:
1.15873
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.16259
Why we like it:
161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.