#EURUSD approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 1.1569 which is in line with horizontal overlap support, 38.2% Fibonacci extension level . We could potentially see a further rise from here towards 1.15892, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance. Finally, we can expect price to take support at 1.15591, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.15690
Why we like it:
horizontal overlap support, 38.2% Fibonacci extension level
1st Support:
1.15591
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.15892
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.1569 which is in line with horizontal overlap support, 38.2% Fibonacci extension level . We could potentially see a further rise from here towards 1.15892, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance. Finally, we can expect price to take support at 1.15591, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.15690
Why we like it:
horizontal overlap support, 38.2% Fibonacci extension level
1st Support:
1.15591
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.15892
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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