#EURUSD, H4 approaching our pivot, potential for bearish drop

Description

Price is reacting above our pivot level at 1.18105 which is in line with 127.2% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 1.16133, which is in line with -61.8% Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.19762, which coincides with 127.2% Fibonacci retracement level & horizontal swing high resistance. This is further supported by how MACD is holding below the 0 line.

Pivot:
1.18105

Why we like it:
127.2% Fibonacci retracement level & horizontal swing low support

1st Support:
1.16133
-61.8% Fibonacci retracement level, 100% Fibonacci extension level

1st Resistance:
1.19762
127.2% Fibonacci retracement level & horizontal swing high resistance
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