EURUSD, H4 testing our Pivot point, potential for a drop.
Description
Price is testing our Pivot point of 1.22486, which is in line with our 127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.21882, in line with a fibonacci confluence. It is noteworthy that price has broken out of the ascending trendline, in line with our bearish analysis.
Pivot: 1.22486
Why we like it:
127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21882
Why we like it:
-27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low support.
1st Resistance: 1.23260
Why we like it:
78.6% Fibonacci retracement and 61.8% fibonacci extension
Trading FX & CFDs carries high risk.
Price is testing our Pivot point of 1.22486, which is in line with our 127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.21882, in line with a fibonacci confluence. It is noteworthy that price has broken out of the ascending trendline, in line with our bearish analysis.
Pivot: 1.22486
Why we like it:
127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21882
Why we like it:
-27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low support.
1st Resistance: 1.23260
Why we like it:
78.6% Fibonacci retracement and 61.8% fibonacci extension
Trading FX & CFDs carries high risk.
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