EURUSD approaching pivot, potential for a bullish bounce I 14 Oct 2021
TypeBullish Bounce
Support: 1.15632
Pivot: 1.15829
Resistance: 1.16145
Preference:
Price is approaching and likely to bounce of strong pivot level of 1.15829. This level coincides with horizontal overlap support, 50.0% Fibonacci retracement level. A retest at this level could see price swing upwards towards 1st resistance at 1.16145. This level is strengthened by 38.2% Fibonacci retracement and 161.8% Fibonacci extension level horizontal overlap support. Our bullish bias is further supported by price's movement above the EMA.
Alternative Scenario:Alternatively, price may break support structure at pivot and head for 1st support at 1.15632 in line 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.