EURUSD, H4 reversed from our Pivot point, potential for a drop.

Description
Price reversed from our Pivot point of 1.20530, which is in line with our 50% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.19922, in line with a fibonacci confluence. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish view.

Pivot: 1.20530
Why we like it:
50% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Support: 1.19922
Why we like it:
-27%, -61.8% Fibonacci retracement and 100% fibonacci extension.

1st Resistance: 1.20859
Why we like it:
23.6% Fibonacci retracement, 227.2% fibonacci extension and horizontal graphical overlap
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