Title
EURUSD H4 I Bullish Bounce off 61.8?
Type
Bullish Reversal
Preference:
The price is approaching the pivot level of 1.0536, a pullback support close to 61.8% Fibonacci retracement. A bounce from this level could cause the price to rise to 1st resistance at 1.0636, a pullback resistance close to 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it may fall to 1st support at 1.2611, an overlap support.
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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.