EURUSD, H4 testing our Pivot point, potential for a rise.
Description
Price is testing our Pivot point of 1.21587, which is in line with our 88% 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 1.21116, in line with a fibonacci confluence. It is noteworthy that price is under the descending trendline and a short-term bullish pull-back can be expected.
Pivot: 1.21587
Why we like it:
88% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21116
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support.
1st Resistance: 1.21832
Why we like it:
-27% Fibonacci retracement and 78.6% fibonacci extension
Trading FX & CFDs carries high risk.
Price is testing our Pivot point of 1.21587, which is in line with our 88% 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 1.21116, in line with a fibonacci confluence. It is noteworthy that price is under the descending trendline and a short-term bullish pull-back can be expected.
Pivot: 1.21587
Why we like it:
88% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21116
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support.
1st Resistance: 1.21832
Why we like it:
-27% Fibonacci retracement and 78.6% fibonacci extension
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.