EURUSD, H4 testing our Pivot point, potential for a drop.

Description
Price is testing our Pivot point of 1.21444, which is in line with our 50% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.20660, in line with a fibonacci confluence. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish view.

Pivot: 1.21444
Why we like it:
50% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 1.20660
Why we like it:
88% Fibonacci retracement, 50% fibonacci extension and horizontal swing low resistance.

1st Resistance: 1.22053
Why we like it:
50%, 88%, -61.8% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.