EURUSD, H4 is bouncing on our Pivot point, potential for a ris
Description
Price is currently bouncing on our Pivot point of 1.19604, which is in line with our 100% fibonacci extension and horizontal graphical support, where we could see a potential rise from this level to our first resistance level of 1.19918, in line with a 61.8%, 38.2% fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap. It is noteworthy that price is trending far from under the Ichimoku cloud and descending trendline allowing space for pullback. And Stochastics is showing short term bullish pressure where price has previously reacted off the 4% level.
Pivot: 1.19604
Why we like it:
100% fibonacci extension and horizontal graphical support
1st Support: 1.19372
Why we like it:
-27% Fibonacci retracement and 127% fibonacci extension.
1st Resistance: 1.19918
Why we like it:
61.8%, 38.2% fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is currently bouncing on our Pivot point of 1.19604, which is in line with our 100% fibonacci extension and horizontal graphical support, where we could see a potential rise from this level to our first resistance level of 1.19918, in line with a 61.8%, 38.2% fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap. It is noteworthy that price is trending far from under the Ichimoku cloud and descending trendline allowing space for pullback. And Stochastics is showing short term bullish pressure where price has previously reacted off the 4% level.
Pivot: 1.19604
Why we like it:
100% fibonacci extension and horizontal graphical support
1st Support: 1.19372
Why we like it:
-27% Fibonacci retracement and 127% fibonacci extension.
1st Resistance: 1.19918
Why we like it:
61.8%, 38.2% fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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