Title
DE30EUR H4 | Bullish reversal off pivot?
Type
Bullish Bounce
Preference:
Price is continuing its bearish momentum, and could potentially fall to the pivot point at 15564.6, which is a multi-swing low support level. If price bounces off the pivot point, then price could rise towards the 1st resistance at 15700.2, which is an overlap resistance.
Alternative scenario:
If price breaks below the pivot point, then price could head towards the 1st support at 15466.3, which is a swing low support level and slightly above the 127.2% fibo extension.
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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.