Title
EURUSD H4 | Potential reversal from 38.2%
Type
Bullish Bounce
Preference:
The current price is at the pivot point of 1.07629, which is an overlap support level and is slightly below the 38.2% Fibonacci retracement level. If the price were to reverse from this level, it could potentially rise towards the first resistance at 1.0838, which is a swing high resistance level.
Alternative scenario:
If price were to break below the pivot point, it could potentially drop down to 1st support level at 1.06876, which is an overlap support level
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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.