#EURUSD, H4 reversed from our pivot, potential for drop

Price has bounced from our Pivot point at 1.19953, in line with 127% fibonacci retracement, 127% fibonacci extension and horizontal overlap, where we could potentially see a push down from our pivot towards our 1st support level at 1.19222, which is in line with 127%, 161.8% fibonacci retracement and horizontal graphical overlap. Note that price is under the Ichimoku cloud and MACD is under the 0-line, in line with our bearish analysis.

Pivot: 1.19953
Why we like it:
127% fibonacci retracement, 127% fibonacci extension and horizontal overlap

1st Support: 1.19222
Why we like it:
127%, 161.8% fibonacci retracement and horizontal graphical overlap

1st Resistance: 1.20321
Why we like it:
78.6%, 100% fibonacci extension and horizontal graphical overlap

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