EURUSD, H4 reversed from our Pivot point, potential for a short

Price has reversed from our Pivot point at 1.17666, in line with 61.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 1.16817, which is in line with -27% fibonacci retracement and 78.6% fibonacci extension. Note that price is under the ichimoku cloud, in line with our bearish analysis.

Pivot: 1.17666
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical area

1st Support: 1.16817
Why we like it:
-27% fibonacci retracement and 78.6% fibonacci extension

1st Resistance: 1.18050
Why we like it:
38.2%, 61.8% fibonacci retracement and horizontal graphical overlap

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