#EURUSD 4H Potential Bounce
Description
Price has broken above our pivot level at 1.12198 which is in line with 161.8% Fibonacci extension levelhorizontal swing low support . We could potentially see a further rise from here towards 1.13807, which coincides with horizontal overlap resistance. Finally, we can expect price to take support at 1.10014, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12198
Why we like it:
161.8% Fibonacci extension levelhorizontal swing low support
1st Support:
1.10014
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.13807
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12198 which is in line with 161.8% Fibonacci extension levelhorizontal swing low support . We could potentially see a further rise from here towards 1.13807, which coincides with horizontal overlap resistance. Finally, we can expect price to take support at 1.10014, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12198
Why we like it:
161.8% Fibonacci extension levelhorizontal swing low support
1st Support:
1.10014
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.13807
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
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