#EURUSD approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 1.12984 which is in line with 38.2% Fibonacci retracement level and horizontal swing low support . We could potentially see a further rise from here towards 1.131, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance. Alternatively, we may see price drop to 1st support at 1.1261, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding below the Ichimoku cloud resistance..
Pivot:
1.12984
Why we like it:
38.2% Fibonacci retracement level and horizontal swing low support
1st Support:
1.12610
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13100
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12984 which is in line with 38.2% Fibonacci retracement level and horizontal swing low support . We could potentially see a further rise from here towards 1.131, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance. Alternatively, we may see price drop to 1st support at 1.1261, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding below the Ichimoku cloud resistance..
Pivot:
1.12984
Why we like it:
38.2% Fibonacci retracement level and horizontal swing low support
1st Support:
1.12610
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
1.13100
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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