Title
EURUSD H4 I Bullish Bounce Off Pivot
Type
Bullish Reversal
Preference:
The price could fall toward the pivot level at 1.1372,a pullback support that aligns with the 61.8% Fibonacci retracement. If the pivot holds, we expect bullish momentum to drive price toward the 1st resistance at 1.1442, a swing high resistance.
Alternative Scenario:
If price breaks below the pivot, it could signal bearish momentum and potentially fall toward the 1st support at 1.1334, a pullback support.
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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.