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EUR/USD Approaches Pivot; Could Move Lower

Published 01/12/2022, 03:12 AM
Updated 03/28/2023, 03:20 AM

Type: Bearish reversal

Key Levels: Resistance: 1.14633, pivot: 1.13852, and support: 1.1233

Preferred Case: On the H4, the EUR/USD pair 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.

EUR/USD 4-hour chart.

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