#EURUSD approaching pivot, potential for a reversal!

Description

Price is approaching pivot level of 1.18 where we have 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.17518, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.18306, which coincides with 78.6% Fibonacci retracement level & 127.2% Fibonacci extension level . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.18000

Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance

1st Support:
1.17518
61.8% Fibonacci extension level & horizontal swing low support

1st Resistance:
1.18306
78.6% Fibonacci retracement level & 127.2% Fibonacci extension level

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