EURUSD, H4 reversed from our Pivot point, potential for a drop

Price has reversed from our Pivot point at 1.19118, in line with 78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 1.18346, which is in line with 61.8%, 88% fibonacci extension, and horizontal swing low support. Note that price is trending under the Ichimoku cloud and descending trendline, in line with our analysis.

Pivot: 1.19118
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical area

1st Support: 1.18725
Why we like it:
61.8%, 88% fibonacci extension, and horizontal swing low support

1st Resistance: 1.19588
Why we like it:
127% Fibonacci retracement and 100% fibonacci extension

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