#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.13098 which is in line with horizontal overlap resistance, 61.8% Fibonacci retracement level & 100% Fibonacci extension level. Price can potentially take support at 1.12661, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 1.13349, which coincides with 161.8% Fibonacci retracement level and horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.13098
Why we like it:
horizontal overlap resistance, 61.8% Fibonacci retracement level & 100% Fibonacci extension level
1st Support:
1.12661
Why we like it:
horizontal swing low support
1st Resistance:
1.13349
Why we like it:
161.8% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.13098 which is in line with horizontal overlap resistance, 61.8% Fibonacci retracement level & 100% Fibonacci extension level. Price can potentially take support at 1.12661, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 1.13349, which coincides with 161.8% Fibonacci retracement level and horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.13098
Why we like it:
horizontal overlap resistance, 61.8% Fibonacci retracement level & 100% Fibonacci extension level
1st Support:
1.12661
Why we like it:
horizontal swing low support
1st Resistance:
1.13349
Why we like it:
161.8% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.