#EURUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.15595 which is in line with horizontal overlap resistance. Price can potentially take support at 1.15303, which is in line with 38.2% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.15689, which coincides with 38.2% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15595
Why we like it:
horizontal overlap resistance
1st Support:
1.15303
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.15689
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.15595 which is in line with horizontal overlap resistance. Price can potentially take support at 1.15303, which is in line with 38.2% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.15689, which coincides with 38.2% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.15595
Why we like it:
horizontal overlap resistance
1st Support:
1.15303
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.15689
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
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