#EURUSD approaching pivot, potential for a bounce!
Price is approaching our pivot level at 1.16532 which is in line with -27.2% Fibonacci retracement level and 78.6% Fibonacci extension level. Price can potentially bounce to resistance at 1.17120, which is in line with 38.2% Fibonacci retracement level and 61.8% Fibonacci extension level. Stochastic is also at support level where previous bounces occurred.
Alternatively, price may drop to our support at 1.16134, which coincides with -27.2% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1.16532
Why we like it:
-27.2% Fibonacci retracement level and 78.6% Fibonacci extension level
1st Support:
1.16134
Why we like it:
-27.2% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
1.17120
Why we like it:
38.2% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 1.16134, which coincides with -27.2% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1.16532
Why we like it:
-27.2% Fibonacci retracement level and 78.6% Fibonacci extension level
1st Support:
1.16134
Why we like it:
-27.2% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
1.17120
Why we like it:
38.2% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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