Title
DE30EUR H4 | Bearish reaction off pivot?
Type
Bearish Reversal
Preference:
Price is rising towards our pivot point at 15281, which is a multi-swing high resistance level. If price reacts bearishly, we can expect price to fall to the 1st support at 15123.5, which is a pullback support level.
Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 15430.5, which is an overlap resistance level, at the shoulders of the H&S pattern formed previously.
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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.