Title
EURUSD H4 | React off resistance level
Type
Bearish Reversal
Preference:
Price is nearing our pivot at 1.10758 which is multi swing high resistance, If price were to reverse from here, it could drop to 1st support at 1.09461 which is multi swing low support level.
Alternative scenario:
However, if it breaks above the pivot, it could hit our 1st resistance at 1.1133 which lines up with 161.8% Fibonacci extension
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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.