Title
EURUSD H1 I Falling from a 61.8% Fibo?
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level of 1.0558, a pullback resistance that aligns with the 61.8% Fibonacci retracement. A reversal from this level could cause the price to fall to 1st support at 1.0412, a pullback support close to the 38.2% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 1.0487, an overlap resistance close to the 78.6% Fibonacci 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.