Title
EURUSD H4 I Potential bearish reversal
Type
Bearish Reversal
Preference:
Price is rising toward the pivot point of 1.0931, encountering overlap resistance close to the 50% Fibonacci retracement level. A reversal from this level could lead the price to fall to 1st support level at 1.0803, which is considered a pullback support level.
Alternative scenario:
If the price breaks above the pivot, it could rise to the 1st resistance level at 1.0917, which is an overlap resistance level close to the 78.6% Fibonacci 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.