USOUSD H4 | Bullish bounce off overlap support
Title
USOUSD H4 | Bullish bounce off overlap support
Type
Bullish bounce
Preference
The price is falling towards the pivot at 61.61, an overlap support that is slightly below the 61.8% Fibonacci projection. A bounce from this level could lead the price toward the 1st resistance level at 63.86, an overlap resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall to the 1st support at 59.98, a pullback 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.