Title
EURUSD H4 | React off 1st resistance
Type
Bearish Reversal
Preference:
Price is approaching our pivot point at 1.0908 which is a pullback resistance level that aligns with a 23.6% Fibonacci retracement. A reverse from here, price could fall to 1st support at 1.08467
Alternative scenario:
However, if price breaks above the pivot, it could rally to 1st resistance at 1.09551 which is a pullback resistance level.
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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.