#EURUSD Potential bearish drop!
Description
Price is reacting below our pivot level at 1.15641 which is in line with 38.2% Fibonacci retracement levelhorizontal overlap resistance. Price can potentially take support at 1.15157, which is in line with 61.8% Fibonacci extension level, 127.2% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.16114, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15641
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
1.15157
Why we like it:
61.8% Fibonacci extension level, 127.2% Fibonacci extension level
1st Resistance:
1.16114
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.15641 which is in line with 38.2% Fibonacci retracement levelhorizontal overlap resistance. Price can potentially take support at 1.15157, which is in line with 61.8% Fibonacci extension level, 127.2% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.16114, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15641
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
1.15157
Why we like it:
61.8% Fibonacci extension level, 127.2% Fibonacci extension level
1st Resistance:
1.16114
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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