Euro / U.S. DollarShort
EURUSD, H4 testing our Pivot point, potential for a drop.
Description
Price is testing our Pivot point of 1.22486, which is in line with our 127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.21882, in line with a fibonacci confluence. It is noteworthy that price has broken out of the ascending trendline, in line with our bearish analysis.
Pivot: 1.22486
Why we like it:
127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21882
Why we like it:
-27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low support.
1st Resistance: 1.23260
Why we like it:
78.6% Fibonacci retracement and 61.8% fibonacci extension
Trading FX & CFDs carries high risk.
Price is testing our Pivot point of 1.22486, which is in line with our 127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.21882, in line with a fibonacci confluence. It is noteworthy that price has broken out of the ascending trendline, in line with our bearish analysis.
Pivot: 1.22486
Why we like it:
127%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.21882
Why we like it:
-27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low support.
1st Resistance: 1.23260
Why we like it:
78.6% Fibonacci retracement and 61.8% fibonacci extension
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.