Title
EURUSD H4 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving up towards the pivot level of 1.0895, which acts as an overlap resistance close to 23.62% Fibonacci retracement. A reversal at this level could cause the price to drop to 1st support at 1.0782, a support level
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance level at 1.0957 a pullback resistance close to 38.20% Fibonacci retracement.
Additionally, when the price remains below the Ichimoku cloud, it's typically seen as a strong bearish signal, indicating downward momentum
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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.