Euro / U.S. DollarShort
#EURUSD likely to resist off pivot, potential bearish drop
Description
Price is reacting below our pivot level at 1.18639 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.17769, which is in line with 161.8% Fibonacci retracement level & 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.20926, which coincides with 38.2% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.18639
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.1777
161.8% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
1.20926
38.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.18639 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.17769, which is in line with 161.8% Fibonacci retracement level & 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.20926, which coincides with 38.2% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.18639
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.1777
161.8% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
1.20926
38.2% Fibonacci retracement level
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.