#EURUSD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.18507 where we have 100% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.17833, which is in line with 100% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.18812, which coincides with 161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.18507
Why we like it:
100% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.17833
100% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.18812
161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.18507 where we have 100% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.17833, which is in line with 100% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.18812, which coincides with 161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.18507
Why we like it:
100% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.17833
100% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.18812
161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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