Title
EURUSD H4 | Bounce off Support level?
Type
Bullish Bounce
Preference:
Price is currently at our pivot of 1.09792 which is an overlap support that aligns with 61.8% Fibo retracement, A bounce off from here, price could push to 1st resistance at 1.10342 which is an overlap resistance level.
Alternative scenario:
However, if price breaks below the pivot, it could fall to 1st support at 1.09175 which is a pullback support level that aligns with 61.8% Fibo projection
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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.