EURUSD, H4 has bounced off our Pivot point, potential for a rise
Price has bounced off our Pivot point at 1.20247, in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline support, where we could potentially see a rise from our pivot towards our 1st resistance level at 1.20775, which is in line with 100% fibonacci extension and horizontal swing high. Note that price is trending above the broken descending trendline resistance turned support, in line with our bullish analysis.
Pivot: 1.20247
Why we like it:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline support
1st Support: 1.19837
Why we like it:
78.6% fibonacci extension and horizontal graphical overlap
1st Resistance: 1.20775
Why we like it:
100% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
Pivot: 1.20247
Why we like it:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline support
1st Support: 1.19837
Why we like it:
78.6% fibonacci extension and horizontal graphical overlap
1st Resistance: 1.20775
Why we like it:
100% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.