#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.13789 which is in line with 38.2% Fibonacci retracement level and horizontal overlap resistance. Price can potentially drop to 1st support at 1.11873, which is in line with 127.2% Fibonacci extension level and horizontal overlap support. Alternatively, price may rise up to our resistance at 1.14422, which coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance . This is further supported by how price is likely to bounce off the RSI resistance level .
Pivot:
1.13789
Why we like it:
38.2% Fibonacci retracement level and horizontal overlap resistance
1st Support:
1.11873
Why we like it:
127.2% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.14422
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.13789 which is in line with 38.2% Fibonacci retracement level and horizontal overlap resistance. Price can potentially drop to 1st support at 1.11873, which is in line with 127.2% Fibonacci extension level and horizontal overlap support. Alternatively, price may rise up to our resistance at 1.14422, which coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance . This is further supported by how price is likely to bounce off the RSI resistance level .
Pivot:
1.13789
Why we like it:
38.2% Fibonacci retracement level and horizontal overlap resistance
1st Support:
1.11873
Why we like it:
127.2% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.14422
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.