Title
EURUSD H4 I Bearish reversal setup
Type
Bearish reversal
Preference:
The price is reacting off the pivot at .1665, which is a pullback resistance. A reversal at this level could lead the price toward the 1st support at 1.1610, an overlap support that aligns with the 38.2% Fibonacci retracement.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 1.1714, which is a pullback resistance that aligns with the 78.6% Fibonacci projection and the 138.2% 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.