Title
EURUSD H4 | Potential Bearish Reversal
Type
Bearish Reversal
Preference:
The price is rising toward the pivot of 1.0628, a pullback resistance that aligns with a 161.8% Fibonacci extension. A reversal from this level could cause the price to fall to 1st support at 1.0527, an overlap support.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 1.0706, a pullback resistance close to 61.8% 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.