EURUSD H4 I Multi-swing-low Support at 38.2% Fibonacci Retracement
Title
EURUSD H4 I Multi-swing-low Support at 38.2% Fibonacci Retracement
Type
Billish Bounce
Preference:
The price is approaching the Pivot at 1.1684, a multi-swing-low support that aligns with the 38.2% Fibonacci retracement. A bounce off this level could lead the price toward the 1st Resistance at 1.1807, a swing-high resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st Support at 1.1583, an overlap support that aligns with the 61.8% 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.