EURUSD, H4 seeing strong bullish momentum and support from the ascending trend line
EURUSD, H4 is seeing strong bullish momentum as prices test our ascending trend line that stretches back to 6th May 2021. Pivot at 1.2190 also lines up nicely with a 100% Fibonacci extension and 78.6% Fibonacci retracement.
We're seeing 1st support above the 1.2160 area which happens to be a nice swing low support.
If prices do bounce from here, the 1st resistance is at the 1.2230 area which happens the be a nice 61.8% fibonacci retracement and horizontal overlap resistance.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
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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.