#EURUSD, H4 has bounced from Pivot, potential for rise!
Price is approaching pivot level of 1.18128, which is in line with 50.0% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.18606. This level coincides with -27.2%Fibonacci retracement level-27.2%Fibonacci retracement level & horizontal swing high resistance. Finally, we can expect price to take support at 1.1769778.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.18128
Why we like it:
50.0% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1.17697
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.18606
-27.2%Fibonacci retracement level-27.2%Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.18128
Why we like it:
50.0% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1.17697
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.18606
-27.2%Fibonacci retracement level-27.2%Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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