Title
EURUSD H4 | Bearish Drop from 61.8%
Type
Bearish Reversal
Preference:
The price is moving up towards the pivot level of 1.0771, which acts as pullback resistance close to the 61.8% Fibonacci retracement. A reversal at this level could cause the price to drop to 1st support at 1.0708, a swing-low support level
Alternative Scenario:
If the price breaks above the pivot, it may rise to the 1st resistance level of 1.0837, a pullback resistance.
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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.