#EURUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 1.15613 where we have 161.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.15336, which is in line with 161.8% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.15855, which coincides with 200% Fibonacci extension levelhorizontal overlap support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15613
Why we like it:
161.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.15336
Why we like it:
161.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.15855
Why we like it:
200% Fibonacci extension levelhorizontal overlap support
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.15613 where we have 161.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.15336, which is in line with 161.8% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.15855, which coincides with 200% Fibonacci extension levelhorizontal overlap support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15613
Why we like it:
161.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.15336
Why we like it:
161.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.15855
Why we like it:
200% Fibonacci extension levelhorizontal overlap support
Trading FX & CFDs carries high risk.
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