#EURUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 1.17236 which is in line with 38.2% Fibonacci retracement level horizontal overlap resistance & moving average resistance. Price can potentially take support at 1.16504, which is in line with 76.4% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.17776, which coincides with 78.6% Fibonacci retracement level . This is further supported by how price is holding below the EMA
Pivot:
1.17236
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap resistance & moving average resistance
1st Support:
1.16504
Why we like it:
76.4% Fibonacci extension level
1st Resistance:
1.17776
Why we like it:
78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
1.17236
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap resistance & moving average resistance
1st Support:
1.16504
Why we like it:
76.4% Fibonacci extension level
1st Resistance:
1.17776
Why we like it:
78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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