EURUSD approaching pivot. Potential for a bounce.

Price is approaching our pivot at 1.20817, where we could potentially see a bounce at this level. We expect a medium probability bullish rise from our pivot towards our 1st resistance at 1.21209. Otherwise, a break below the pivot should see price swing towards 1st support at 1.20563. It is worth noting that the Stochastic indicator is testing the 12.93 level where it has reacted from before as well, in line with our analysis.

Pivot: 1.20817
Supporting Points:
127.2%, 50% Fibonacci extension and graphical swing low support

1st Support: 1.20563
Supporting Points:
161.8%, 78.6 Fibonacci extension, -27.2% Fibonacci retracement and graphical pullback support

1st Resistance: 1.21209
Supporting Points:
50% Fibonacci extension, 50% Fibonacci retracement and graphical overlap resistance

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