Title
EURJPY H4 | Bouncing off Fibo level
Type
Bullish Bounce
Preference:
The price is bouncing off the pivot point at 159.999, an overlap support that aligns with 23.6% Fibonacci retracement. From there price might rise to 1st resistance at 161.634, an overlap resistance.
Alternative scenario:
It might reverse and break the pivot point, from there it could fall to 1st support at 158.536, an overlap support aligning with 50% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.