EURUSD, H4 reversed from our Pivot point, potential for a drop

Description
Price is testing our Pivot point of 1.21293, which is in line with our 50%, 61.8% Fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 1.20538, in line with a fibonacci confluence. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish view.

Pivot: 1.21293
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal graphical overlap

1st Support: 1.20538
Why we like it:
126% Fibonacci retracement, 161.8% fibonacci extension and horizontal swing low resistance.

1st Resistance: 1.21687
Why we like it:
78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
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