EURUSD, H4 is approaching our Pivot point, potential for a drop

Price is approaching our Pivot point at 1.19728, in line with 38.2% Fibonacci retracement, 61.8%, 61.8% fibonacci extension, and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 1.18725, which is in line with 78.6%, -27% Fibonacci retracement and 100% fibonacci extension level. Note that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our analysis.

Pivot: 1.19728
Why we like it:
38.2% Fibonacci retracement, 61.8%, 61.8% fibonacci extension, and horizontal graphical area

1st Support: 1.18725
Why we like it:
78.6%, -27% Fibonacci retracement and 100% fibonacci extension level

1st Resistance: 1.20253
Why we like it:
61.8%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.

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