#EURUSD reversed from pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.18218 which is in line with 50.0% Fibonacci retracement level. Price can potentially take support at 1.17479, which is in line with -27.2%Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.18532, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.18218
Why we like it:
50.0% Fibonacci retracement level
1st Support:
1.17479
-27.2%Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
1.18532
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
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