Title
EURUSD H4 | Bouncing off support?
Type
Bullish Bounce
Preference:
The price is falling toward our pivot point of 1.07545, which serves as a pullback support level that aligns with the 38.2% Fibo retracement. A bounce from this point could lead the price to rise to the 1st resistance at 1.08727, an overlap resistance.
Alternative scenario:
However, if the price breaks below the pivot, it might decline to the 1st support at 1.06655, also an overlap support level.
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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.