Title
EURUSD H4 | Bearish Reversal?
Type
Bearish Reversal
Preference:
The price is rising toward our pivot point of 1.0981, which serves as a pullback resistance level aligning with the 23.6% Fibonacci. A reversal from this point could lead the price to drop to the 1st support at 1.0911, an overlap support level.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 1.1042, which also serves as an overlap resistance level that aligns 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.