Title
DE30EUR H4 | Bearish reaction off 38.2% fibo?
Type
Bearish Reversal
Preference:
Price is rising towards our pivot point at 15283.4, which is a swing high resistance level, aligning with the 38.2% fibo retracement. Price could react bearishly and fall to the 1st support at 15089, which is a multi-swing low support level.
Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 15408.2, which aligns with the 61.8% 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.