EURUSD H1 is approaching the pivot, in-line with 78.6% Fibonacci retracement and 100% Fibonacci extension. We may potentially see a drop towards the 1st horizontal overlap support, in-line with 50% Fibonacci retracement and 78.6% Fibonacci extension.If price bounce from the pivot, we may see it swing towards 1st resistance, in line with 78.6% and 127.2% Fibonacci extension.
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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.