EURUSD, H4 has broken our Pivot point, potential for a drop.

Price has broken past our Pivot point at 1.18769, in line with 61.8% Fibonacci retracement, 50% fibonacci extension and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 1.17505, which is in line with 88% and 161.8% fibonacci extension. Note that price is under the ichimoku cloud and MACD is under the 0 line, in line with our bearish analysis.

Pivot: 1.18769
Why we like it:
61.8% Fibonacci retracement, 50% fibonacci extension and horizontal graphical area

1st Support: 1.17505
Why we like it:
88% and 161.8% fibonacci extension

1st Resistance: 1.19433
Why we like it:
61.8% fibonacci retracement, 127% Fibonacci extension and horizontal graphical resistance.

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