Euro / U.S. DollarShort
#EURUSD likely to resist off pivot, potential bearish drop
Description
Price is reacting below our pivot level at 1.18639 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.17769, which is in line with 161.8% Fibonacci retracement level & 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.20926, which coincides with 38.2% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.18639
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.1777
161.8% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
1.20926
38.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.18639 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.17769, which is in line with 161.8% Fibonacci retracement level & 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.20926, which coincides with 38.2% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.18639
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.1777
161.8% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
1.20926
38.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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