Title
EURJPY H4 | Bullish bounce off 23.6% fibo?
Type
Bullish Bounce
Preference:
Price could fall to the pivot point at 161.02, which is a pullback support level, aligning with the 23.6% fibo retracement. If price bounce off the pivot point, then we can expect price to rise towards the 1st resistance at 161.93, which is at the 161.8% fibo extension.
Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support at 160.41, which is an overlap support level, aligning with the 50% fibo 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.