EURUSD, H4 is approaching Pivot point. Potential for a rise
Description:
Price is approaching our Pivot point at 1.20835, which is in line with our 38.2% Fibonacci Retracement, 78.6% Fibonacci extension and horizontal overlap support. We could potentially see price rise towards our 1st resistance level at 1.21858. It is worth noting that price is currently trending above the Ichimoku cloud and MACD is above the 0 line, which is showing bullish pressure in line with our analysis.
Pivot: 1.20835
Why we like it:
38.2% Fibonacci Retracement, 78.6% Fibonacci extension and horizontal overlap support
1st Support: 1.20245
Why we like it:
61.8% Fibonacci retracement and 50% Fibonacci extension
1st Resistance: 1.21858
Why we like it:
88%, 127% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.20835, which is in line with our 38.2% Fibonacci Retracement, 78.6% Fibonacci extension and horizontal overlap support. We could potentially see price rise towards our 1st resistance level at 1.21858. It is worth noting that price is currently trending above the Ichimoku cloud and MACD is above the 0 line, which is showing bullish pressure in line with our analysis.
Pivot: 1.20835
Why we like it:
38.2% Fibonacci Retracement, 78.6% Fibonacci extension and horizontal overlap support
1st Support: 1.20245
Why we like it:
61.8% Fibonacci retracement and 50% Fibonacci extension
1st Resistance: 1.21858
Why we like it:
88%, 127% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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