Title
DE30EUR H4 | Bullish bounce off 61.8% fibo?
Type
Bullish Bounce
Preference:
Price could fall to our pivot point at 15238.2, which is a multi-swing low support, aligning with the 61.8% fibo retracement and 61.8% fibo projection. If price bounces off the pivot point, then price could rise towards the 1st resistance at 15361.7, which is a multi-swing high resistance level.
Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support at 15151.7, which is a pullback support level.
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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.