EURUSD, H4 testing our Pivot point, potential for a drop.
Price is testing our Pivot point of 1.21587, which is in line with our 88% 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 1.21116, in line with a fibonacci confluence. It is noteworthy that price is under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.
Pivot: 1.21587
Why we like it:
88% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21116
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support.
1st Resistance: 1.21832
Why we like it:
-27% Fibonacci retracement and 78.6% fibonacci extension
Trading FX & CFDs carries high risk.
Pivot: 1.21587
Why we like it:
88% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21116
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support.
1st Resistance: 1.21832
Why we like it:
-27% Fibonacci retracement and 78.6% fibonacci extension
Trading FX & CFDs carries high risk.
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