#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
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