Title

EURUSD H4  | Bearish Reversal

Type

Bearish Reversal

Preference:

The price is approaching the pivot level of 1.1176, which acts as a pullback resistance and is near the 61.8% Fibonacci retracement level. A reversal at this point might cause the price to decline to the1st  support level at 1.1121, close to the 78.6% Fibonacci retracement.

Alternative Scenario: 

Should the price break above the pivot, it may rise to the 1st  resistance level at 1.1216, which serves as a swing resistance.