Title
EURUSD H4 | Potential bullish reversal
Type
Bullish Bounce
Preference:
Price has bounced off our pivot at 1.07902, which has a fibo confluence of a 38.2% fibo retracement and 61.8% Fibo projection. If there is a reversal from this point, the price could potentially rally to the 1st resistance level at 1.09177, which is a swing high resistance level.
Alternative scenario:
However, if price were to break below the pivot point, it could drop down to 1st support at 1.07456, which is an overlap support
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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.