#EURUSD approaching a pivot, potential for a bearish breakout!
Description
Price is approaching pivot point at 1.18671 which is in line with 61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance. A break and close below this level could see a price swing towards 1st support at 1.18246.This level is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & 127.2% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 1.18994, which coincides with 78.6% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.18671
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.18246
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & 127.2% Fibonacci extension level
1st Resistance:
1.18994
78.6% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
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