Euro / DollaroShort
#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.1586 which is in line with 38.2% Fibonacci retracement levelhorizontal swing low support. Price can potentially take support at 1.15242, which is in line with 161.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.1627, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.15860
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Support:
1.15242
Why we like it:
161.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.16270
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.1586 which is in line with 38.2% Fibonacci retracement levelhorizontal swing low support. Price can potentially take support at 1.15242, which is in line with 161.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.1627, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.15860
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Support:
1.15242
Why we like it:
161.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.16270
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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