Title
EURUSD H4 I Bullish reversal off key support
Type
Bullish reversal
Preference:
The price is falling towards the pivot at 1.1453, which is an overlap support that aligns with the 145% Fibonacci extension and the 78.6% Fibonacci projection. A bounce from this level could lead the price toward the 1st resistance at 1.1559, a pullback resistance.
Alternative Scenario:
If the price breaks the pivot, it could fall to the 1st support at 1.1370, which is a swing low support that is slightly below the 100% Fibonacci projection.
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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.