EURUSD, H4 I Approaching Pivot, Potential For A Drop!

eurusd,-h4-i-approaching-pivot,-potential-for-a-drop!

Type: Bearish ReversalKey Levels:Resistance: 1.14633Pivot: 1.13852Support: 1.1233Preferred Case:On the H4, price is reacting below our pivot level at 1.13852 which is in line with horizontal swing high resistance, 50.0% Fibonacci retracement level. We are biased that price will potentially drop to 1st support at 1.1233, which is in line with horizontal swing low support. This is further supported by how price is likely to reverse off the Stochastic resistance level .Alternative Scenario:Alternatively, price may rise up to our 1st resistance at 1.14633, which coincides with 161.8% Fibonacci extension level and horizontal swing high resistance .

Source: Tickmill

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