EURUSD H4 | potential reverse from resistance

Title
EURUSD H4 | potential reverse from resistance

Type
Bearish Reversal

Preference:

Price is approaching our pivot point of 1.09988, which represents an overlap resistance. This level aligns with the 78.6% Fibonacci retracement and 61.8% projection, indicating a Fibonacci confluence. If there is a reversal from this level, the price could potentially decline towards our first support at 1.10545, which is an overlap support.

Alternative scenario:
However, if price breaks above the pivot,. It could rally to 1st resistance of 1.10545 which is a swing high resistance level

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Source: Tickmill

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EURUSD H4 | potential reverse from resistance

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