EURUSD, H4 reversed from our Pivot point, potential for a drop

12 мар. 2021 г.

Price has reversed from our Pivot point at 1.20063, in line with 78.6%, 61.8% Fibonacci retracement, 127% fibonacci extension, Ichimoku cloud resistance and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 1.19056, which is in line with 78.6%, 88% fibonacci extension, and horizontal swing low support. Note that price is trending under the Ichimoku cloud and stochastic is facing bearish pressure where price has previously reacted off the 94% level, in line with our analysis.

Pivot: 1.20063
Why we like it:
78.6%, 61.8% Fibonacci retracement, 127% fibonacci extension, Ichimoku cloud resistance and horizontal graphical area

1st Support: 1.19056
Why we like it:
78.6%, 88% fibonacci extension, and horizontal swing low support

1st Resistance: 1.20641
Why we like it:
78.6% and -61.8% Fibonacci retracement.

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