EURUSD H4 approaching pivot, in-line with descending trendline resistance, 78.6% Fibonacci retracement and 78.6% Fibonacci extension. Price may potentially see a drop towards 1st support, in-line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. If price bounce from the pivot, we may see it swing towards 1st resistance, in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension
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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.