Title
EURUSD H4 | Bounce off 50% Fibo
Type
Bullish Bounce
Preference:
Price is currently at our pivot point of 1.09085 which aligns with a 50.0% Fibo retracement level. We can expect a bounce off the 50.0% Fibo, and head towards our 1st resistance at 1.09915.
Alternative scenario:
However, if price breaks below the pivot, price could fall to 1st support at 1.08468 which is an overlap support.
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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.