Title
EURUSD H4 | Rising toward 1st resistance?
Type
Bullish Bounce
Preference:
The price has just bounced off the pivot point at 1.0722, which is a multi-swing low support level. A bounce from this level could lead the price to rally toward the 1st resistance at 1.07759, which is a pullback resistance.
Alternative scenario:
However, if the price breaks below the pivot, it might decline to the 1st support at 1.06583 representing a swing low support 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.