Title

EURUSD  H4 | Bullish Reversal

Type

Bullish Reversal

Preference:

The price is nearing the pivot level of 1.0879, which acts as a pullback support close to 78.6% Fibonacci retracement and 161.8% Fibonacci extension, indicating a strong support level.  A reversal at this level could cause the price to rise to the 1st  resistance at 1.0954, an overlap resistance.

Alternative Scenario:

 If the price breaks below the pivot, it may drop to the 1st support level at 1.0778, an overlap support level.