Title
EURUSD H1 I Bearish reversal off pullback resistance
Type
Bearish reversal
Preference:
The price has rejected off the pivot at 1.1642, which is a pullback resitance that aligns with the 50% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 1.1606, an overlap support.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 1.1665, which is a pullback resistance
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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.