Title
EURUSD H4 | Potential reversal from 1st resistance
Type
Bearish Reversal
Preference:
Price is currently at our pivot of 1.09266 which is an overlap resistance along with 61.8% Fibonacci retracement. A reverse from here price could drop to 1st support at 1.08756
Alternative scenario:
On the other hand, if break above this level could potentially propel the price towards 1st resistance at 1.0974, which is a swing high resistance 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.