EURUSD is facing bearish pressure from pivot, potential reversal

Price is facing bearish pressure from our pivot at 1.20782, in line with our horizontal pullback resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension where we could see a further drop below this level. Ichimoku cloud and 20 EMA are showing signs of bearish pressure as well, in line with our bearish bias.

Description:

Pivot: 1.20782
Why we like it:
horizontal pullback resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension

1st Support: 1.20019
Why we like it:
78.6% fibonacci retracement

1st Resistance: 1.21158
Why we like it:
100% fibonacci extension, Horizontal pullback resistance, 61.8% fibonacci retracement

Trading FX & CFDs carries high risk.