#EURUSD reacting below pivot, potential for further downside
Price is reacting below pivot level at 1.17490, in-line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension and 20EMA. Price could potentially drop to support at 1.16645, in-line with 100% Fibonacci retracement , 161.8% Fibonacci extension and swing low support. RSI is also at descending trendline resistance where previous drops occurred.
Alternatively, price may bounce to our resistance at 1.17800, in-line with 38.2% Fibonacci retracement and 100% Fibonacci extension .
Pivot:
1.17490
Why we like it:
23.6% Fibonacci retracement and 61.8% Fibonacci extension and 20EMA
1st Support:
1.16645
Why we like it:
100% Fibonacci retracement , 161.8% Fibonacci extension and swing low support
1st Resistance:
1.17800
Why we like it:
38.2% Fibonacci retracement and 100% Fibonacci extension
Trading FX & CFDs carries high risk.
Alternatively, price may bounce to our resistance at 1.17800, in-line with 38.2% Fibonacci retracement and 100% Fibonacci extension .
Pivot:
1.17490
Why we like it:
23.6% Fibonacci retracement and 61.8% Fibonacci extension and 20EMA
1st Support:
1.16645
Why we like it:
100% Fibonacci retracement , 161.8% Fibonacci extension and swing low support
1st Resistance:
1.17800
Why we like it:
38.2% Fibonacci retracement and 100% Fibonacci extension
Trading FX & CFDs carries high risk.
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