#EURUSD 4H approaching pivot, potential for a rise.
Description
Price has broken above our pivot level at 1.12574 which is in line with 61.8% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1.13198, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.11928, which coincides with 127.2% Fibonacci extension level and horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12574
Why we like it:
61.8% Fibonacci retracement level and horizontal overlap support
1st Support:
1.11928
Why we like it:
127.2% Fibonacci extension level and horizontal swing low support
1st Resistance:
1.13198
Why we like it:
horizontal swing high resistance, 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12574 which is in line with 61.8% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 1.13198, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.11928, which coincides with 127.2% Fibonacci extension level and horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12574
Why we like it:
61.8% Fibonacci retracement level and horizontal overlap support
1st Support:
1.11928
Why we like it:
127.2% Fibonacci extension level and horizontal swing low support
1st Resistance:
1.13198
Why we like it:
horizontal swing high resistance, 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.