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EURUSD H4 | Bearish reaction off 38.2% fibo?

EURUSD H4 | Bearish reaction off 38.2% fibo?

Bearish Reversal


Price is approaching our pivot point at 1.0942, which is a pullback resistance, and at the 38.2% fibo retracement. Price could reach our pivot point and have a bearish reaction off it, to head towards the 1st support at 1.0872, which is an overlap support level.

Alternative scenario:

If price breaks above the pivot point, then price could rise to the 1st resistance at 1.1001, which is at the 61.8% fibo retracement.

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