#EURUSD, H4 is reversing from our pivot, potential for drop

Description

Price is reacting below our pivot level at 1.18516 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 1.17535, which is in line with -27.2%Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.19015, which coincides with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.18516

Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance

1st Support:
1.17535
-27.2%Fibonacci retracement level, 100% Fibonacci extension level

1st Resistance:
1.19015
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
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