EURUSD H1 | Bearish Reversal
Title
EURUSD H1 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving towards the pivot level of 1.1171, which acts as a pullback resistance close to the 61.8% Fibonacci retracement. A reversal at this level might cause the price to drop to the 1st support level at 1.1115, a swing low support. Additionally, the price is situated below the Ichimoku cloud, indicating bearish momentum.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance level at 1.1206, which serves as a swing-high resistance.