EURUSD, H4 testing our Pivot point, potential for drop.
Price is testing our Pivot point at 1.20836, in line with 61.8%, 88% Fibonacci extension, 61.8% fibonacci retracement, descending trendline and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 1.19959. It is worth noting that price is trending under the Ichimoku cloud and Stochastics is showing bearish pressure where reversal happened at 88% previously.
Pivot: 1.20836
Why we like it:
61.8%, 88% Fibonacci extension, 61.8% fibonacci retracement, descending trendline and horizontal graphical area.
1st Support: 1.19959
Why we like it:
61.8% Fibonacci retracement and 88% Fibonacci extension.
1st Resistance: 1.21363
Why we like it:
-68%, 88% Fibonacci retracement, 127%, 100% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Pivot: 1.20836
Why we like it:
61.8%, 88% Fibonacci extension, 61.8% fibonacci retracement, descending trendline and horizontal graphical area.
1st Support: 1.19959
Why we like it:
61.8% Fibonacci retracement and 88% Fibonacci extension.
1st Resistance: 1.21363
Why we like it:
-68%, 88% Fibonacci retracement, 127%, 100% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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