Title
EURUSD H1 I Bullish Bounce Off Pivot
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 1.1360 and could potentially bounce from this key support zone that aligns closely with the 61.8% Fibonacci projection. If the pivot holds, we expect bullish momentum to drive price toward the 1st resistance at 1.1423, a pullback resistance. The bullish channel provides additional structural support, reinforcing the potential for a bullish bounce.
Alternative Scenario:
If price breaks below the pivot, it could signal bearish momentum and potentially decline toward the 1st support at 1.1287, which represents a multi-swing low support zone and the next major level of interest.
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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.