Euro / U.S. DollarShort
#EURUSD approaching a pivot, potential for a bearish breakout!
Description
Price is approaching pivot point at 1.18671 which is in line with 61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance. A break and close below this level could see a price swing towards 1st support at 1.18246.This level is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & 127.2% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 1.18994, which coincides with 78.6% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.18671
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.18246
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & 127.2% Fibonacci extension level
1st Resistance:
1.18994
78.6% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
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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.