#EURUSD approaching pivot, potential for a drop!

Price is reacting below our pivot level at 1.17517 which is in line with 23.6% Fibonacci retracement level, horizontal overlap resistance & moving average resistance. Price can potentially take support at 1.16534, which is in line with -27.2% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 1.18282, which coincides with 61.8% Fibonacci retracement level . This is further supported by how price is holding below the EMA

Pivot:
1.17517
Why we like it:
23.6% Fibonacci retracement level, horizontal overlap resistance & moving average resistance

1st Support:
1.16534
Why we like it:
-27.2% Fibonacci retracement level

1st Resistance:
1.18282
Why we like it:
61.8% Fibonacci retracement level

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