#EURUSD approaching a pivot, potential for a bearish breakout!
Description
Price is approaching pivot point at 1.15953 which is in line with 23.6% Fibonacci retracement level & horizontal overlap resistance. A break and close below this level could see a price swing towards 1st support at 1.15706.This level is in line with 61.8% Fibonacci retracement level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.16155, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1.15953
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.15706
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Resistance:
1.16155
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot point at 1.15953 which is in line with 23.6% Fibonacci retracement level & horizontal overlap resistance. A break and close below this level could see a price swing towards 1st support at 1.15706.This level is in line with 61.8% Fibonacci retracement level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.16155, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1.15953
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.15706
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Resistance:
1.16155
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
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