#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.18364 which is in line with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.17764, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.18638, which coincides with 88% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.18364
Why we like it:
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
1st Support:
1.17764
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.18638
88% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
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Penafian
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