Euro / U.S. DollarShort
#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.1586 which is in line with 38.2% Fibonacci retracement levelhorizontal swing low support. Price can potentially take support at 1.15242, which is in line with 161.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.1627, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.15860
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Support:
1.15242
Why we like it:
161.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.16270
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.1586 which is in line with 38.2% Fibonacci retracement levelhorizontal swing low support. Price can potentially take support at 1.15242, which is in line with 161.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.1627, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.15860
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Support:
1.15242
Why we like it:
161.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.16270
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
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.