Title
EURUSD H4 | React off resistance
Type
Bearish Reversal
Preference:
Price is currently at the pivot point of 1.0777, an overlap resistance that aligns with the 23.6% Fibo retracement. A reverse from this level could lead the price to fall to 1st support at 1.0719, an overlap support
Alternative scenario:
If price breaks above the pivot, it could rise to 1st resistance at 1.0842, an overlap resistance that aligns with the 50% Fibo 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.