EURUSD, H4 has reversed off Pivot point, potential for a drop

Price has reversed off our Pivot point at 1.20713, in line with 50% Fibonacci retracement, 61.8% Fibonacci extension, moving average resistance and ascending trendline resistance, where we could potentially see a drop from our pivot towards our 1st support level at 1.20062, which is in line with 61.8% fibonacci extension and horizontal swing low. Note that price is trending under the moving average and ascending trendline, in line with our bearish analysis.

Pivot: 1.20713
Why we like it:
50% Fibonacci retracement, 61.8% Fibonacci extension, moving average resistance and ascending trendline resistance

1st Support: 1.20062
Why we like it:
61.8% fibonacci extension and horizontal swing low

1st Resistance: 1.21221
Why we like it:
78.6% Fibonacci retracement

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