Title
EURUSD H4 | Bearish Rejection at Pivot
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 1.0350, which aligns close to the 61.8% Fibonacci retracement. A reversal from this level could lead the price to fall further towards the 1st support at 1.0224, a pullback support zone.
Alternative Scenario:
If the price breaks above the pivot, it may rally towards the 1st resistance at 1.0452, an overlap resistance 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.