#EURUSD approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 1.12907 which is in line with 50.0% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1.13764, which coincides with horizontal swing high resistance, 127.2% Fibonacci extension level. Alternatively, we may see price drop to 1st support at 1.1251, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.12907
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
1.12510
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13764
Why we like it:
horizontal swing high resistance, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12907 which is in line with 50.0% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1.13764, which coincides with horizontal swing high resistance, 127.2% Fibonacci extension level. Alternatively, we may see price drop to 1st support at 1.1251, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.12907
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
1.12510
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13764
Why we like it:
horizontal swing high resistance, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.