EURUSD, H4 reversed from our Pivot point, potential for a drop
Description
Price has reversed from our Pivot point of 1.21515, which is in line with our 78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.20956, in line with a fibonacci confluence. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish view.
Pivot: 1.21515
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1.20956
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension and horizontal swing low resistance.
1st Resistance: 1.21826
Why we like it:
-27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point of 1.21515, which is in line with our 78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.20956, in line with a fibonacci confluence. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish view.
Pivot: 1.21515
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1.20956
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension and horizontal swing low resistance.
1st Resistance: 1.21826
Why we like it:
-27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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