#EURUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 1.17745 which is in line with 78.6% Fibonacci retracement level, 100% Fibonacci extension level. Price can potentially take support at 1.17041, which is in line with 61.8% Fibonacci retracement levelhorizontal overlap support. Alternatively, price may rise up to our resistance at 1.18048, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.17745
Why we like it:
78.6% Fibonacci retracement level, 100% Fibonacci extension level
1st Support:
1.17041
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.18048
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.17745
Why we like it:
78.6% Fibonacci retracement level, 100% Fibonacci extension level
1st Support:
1.17041
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.18048
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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