#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.5759 which is in line with 78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.15168, which is in line with horizontal swing low support, 127.2% Fibonacci extension level & 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.16114, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.57590
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.15168
Why we like it:
horizontal swing low support, 127.2% Fibonacci extension level & 61.8% Fibonacci extension level
1st Resistance:
1.16114
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.5759 which is in line with 78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.15168, which is in line with horizontal swing low support, 127.2% Fibonacci extension level & 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.16114, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.57590
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.15168
Why we like it:
horizontal swing low support, 127.2% Fibonacci extension level & 61.8% Fibonacci extension level
1st Resistance:
1.16114
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.