#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.15987 which is in line with horizontal overlap resistance. Price can potentially take support at 1.15865, which is in line with 61.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.16055, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15987
Why we like it:
horizontal overlap resistance
1st Support:
1.15865
Why we like it:
61.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.16055
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.15987 which is in line with horizontal overlap resistance. Price can potentially take support at 1.15865, which is in line with 61.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.16055, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15987
Why we like it:
horizontal overlap resistance
1st Support:
1.15865
Why we like it:
61.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.16055
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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