#EURUSD approaching pivot, potential for a drop!
Description :
On the H4, price is reacting below our pivot level at 1.146756 which is in line with horizontal swing high resistance, 161.8% Fibonacci extension level. We are biased that price will potentially drop to 1st support at 1.13869, which is in line with horizontal swing low support and 23.6% Fibonacci retracement. Alternatively, price may rise up to our 1st resistance at 1.15130, which coincides with the horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
1.146756
Why we like it:
Horizontal swing high resistance and 161.8% Fibonacci extension level
1st Support:
1.13869
Why we like it:
Horizontal swing low support and 23.6% Fibonacci retracement
1st Resistance:
1.15130
Why we like it:
Horizontal overlap resistance
Trading FX & CFDs carries high risk.
On the H4, price is reacting below our pivot level at 1.146756 which is in line with horizontal swing high resistance, 161.8% Fibonacci extension level. We are biased that price will potentially drop to 1st support at 1.13869, which is in line with horizontal swing low support and 23.6% Fibonacci retracement. Alternatively, price may rise up to our 1st resistance at 1.15130, which coincides with the horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
1.146756
Why we like it:
Horizontal swing high resistance and 161.8% Fibonacci extension level
1st Support:
1.13869
Why we like it:
Horizontal swing low support and 23.6% Fibonacci retracement
1st Resistance:
1.15130
Why we like it:
Horizontal overlap resistance
Trading FX & CFDs carries high risk.
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