Title
US30USD H4 | Bearish reaction off 78.6% fibo?
Type
Bearish Reversal
Preference:
Price is rising towards our pivot point at 33887.8, which is an overlap resistance level, aligning with the 78.6% fibo projection and slightly above the 78.6% fibo retracement. We could see price react bearishly from here, to fall to the 1st support at 33521, which is a swing low support level.
Alternative scenario:
If price breaks above the pivot, price could head towards the 1st resistance at 34074.3, which is an overlap resistance, aligning 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.