#EURUSD, H4 is testing our pivot, potential for drop
Price has reversed from our Pivot point at 1.21971, in line with 61.8%, 78.6%, 61.8% fibonacci retracement, descending trendline resistance and horizontal overlap, where we could potentially see a push down from our pivot towards our 1st support level at 1.21477, which is in line with 61.8% fibonacci retracement and horizontal swing low support. Please note that price is currently trending under a descending trendline, in line with our bearish analysis.
Pivot: 1.21971
Why we like it:
61.8%, 78.6%, 61.8% fibonacci retracement, descending trendline resistance and horizontal overlap
1st Support: 1.21477
Why we like it:
61.8% fibonacci retracement and horizontal swing low support
1st Resistance: 1.22380
Why we like it:
88.6%, 127% fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot: 1.21971
Why we like it:
61.8%, 78.6%, 61.8% fibonacci retracement, descending trendline resistance and horizontal overlap
1st Support: 1.21477
Why we like it:
61.8% fibonacci retracement and horizontal swing low support
1st Resistance: 1.22380
Why we like it:
88.6%, 127% fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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