EURUSD, H4 testing our Pivot point, potential for a drop.

Description
Price is testing our Pivot point of 1.20745, which is in line with our 127%, -27% 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 1.20102, in line with a fibonacci confluence. It is noteworthy that price is still testing the Pivot and a bearish breakout can be expected..

Pivot: 1.20745
Why we like it:
127%, -27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 1.20102
Why we like it:
161.8%, -61.8% Fibonacci retracement, 100%, 161.8% fibonacci extension and horizontal graphical overlap

1st Resistance: 1.21230
Why we like it:
78.6% Fibonacci retracement and -61.8% fibonacci extension
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