Euro / U.S. DollarShort
EURUSD, H4 has reversed off Pivot point, potential for a drop
Price has reversed off our Pivot point at 1.20713, in line with 50% Fibonacci retracement, 61.8% Fibonacci extension, moving average resistance and ascending trendline resistance, where we could potentially see a drop from our pivot towards our 1st support level at 1.20062, which is in line with 61.8% fibonacci extension and horizontal swing low. Note that price is trending under the moving average and ascending trendline, in line with our bearish analysis.
Pivot: 1.20713
Why we like it:
50% Fibonacci retracement, 61.8% Fibonacci extension, moving average resistance and ascending trendline resistance
1st Support: 1.20062
Why we like it:
61.8% fibonacci extension and horizontal swing low
1st Resistance: 1.21221
Why we like it:
78.6% Fibonacci retracement
Trading FX & CFDs carries high risk.
Pivot: 1.20713
Why we like it:
50% Fibonacci retracement, 61.8% Fibonacci extension, moving average resistance and ascending trendline resistance
1st Support: 1.20062
Why we like it:
61.8% fibonacci extension and horizontal swing low
1st Resistance: 1.21221
Why we like it:
78.6% Fibonacci retracement
Trading FX & CFDs carries high risk.
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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.