EURUSD, H4 | Potential bounce from overlap support
Title
EURUSD, H4 | Potential bounce from overlap support
Type
Bullish Reversal
Preference:
Price is testing our pivot at 1.0633 which lines up with the 23.6% Fibonacci retracement - this Fibonacci retracement is traditionally seen as the first retracement that needs to be broken to trigger a bigger move up. If price were to bounce from here, the 1st resistance to watch out for is 1.0800.
Were prices to drop from here, the swing low support we’re looking at is down at 1.0561.
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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.