Title
EURUSD H1 | Heading into Overlap Resistance
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 1.0805, an overlap resistance. A bearish reversal off this level could lead the price to fall toward the 1st Support at 1.0781, a swing-low support.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st Resistance at 1.0820, a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 50.0% retracements.
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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.