EURUSD, H4 approaching our Pivot point, potential for a long.
Price has bounced from our Pivot point at 1.17988, in line with 23.6%, 38.2% Fibonacci retracement, 61.8%, 61.8% fibonacci extension, descending trendline support and horizontal graphical area, where we could potentially see a rise from our pivot towards our 1st resistance level at 1.18943, which is in line with -61.8% and 78.6% fibonacci retracement. Note that price has broken the descending trendline resistance turned-support and MACD is above the 0 line, in line with our bullish analysis.
Pivot: 1.17988
Why we like it:
23.6%, 38.2% Fibonacci retracement, 61.8%, 61.8% fibonacci extension, descending trendline support and horizontal graphical area
1st Support: 1.17500
Why we like it:
61.8% fibonacci retracement and 161.8% fibonacci extension
1st Resistance: 1.18943
Why we like it:
-61.8% and 78.6% fibonacci retracement
Trading FX & CFDs carries high risk.
Pivot: 1.17988
Why we like it:
23.6%, 38.2% Fibonacci retracement, 61.8%, 61.8% fibonacci extension, descending trendline support and horizontal graphical area
1st Support: 1.17500
Why we like it:
61.8% fibonacci retracement and 161.8% fibonacci extension
1st Resistance: 1.18943
Why we like it:
-61.8% and 78.6% fibonacci retracement
Trading FX & CFDs carries high risk.
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