EURUSD H4 | bearish drop off
Title
EURUSD H4 | bearish drop off
Type
Bearish drop
Preference
The price is rising towards the pivot at 1.1853, which is a pullback resistance that aligns with the 23.6% Fibonacci retracement. Areversal from this level could lead the price toward the 1st support at 1.1693, an overlap support that aligns with the 78.6% Fibonacci retracement.
Alternative Scenario
If the price breaks above the pivot, it could fall to the 1st reistance at 1.1941, which is a pullback resistance that aligns with the 50% Fibonacci retracement.
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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.