Euro / U.S. DollarShort
#EURUSD, H4 is reversing from our pivot, potential for drop
Description
Price is reacting below our pivot level at 1.18516 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 1.17535, which is in line with -27.2%Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.19015, which coincides with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.18516
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance
1st Support:
1.17535
-27.2%Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
1.19015
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.18516 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 1.17535, which is in line with -27.2%Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.19015, which coincides with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.18516
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance
1st Support:
1.17535
-27.2%Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
1.19015
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.