EURUSD H4 | Potential for Bullish Bounce!

Type: Bullish Bounce

Key Levels:

• Resistance: 1.0947
• Pivot: 1.08102
• Support: 1.06461

Preferred Case:

EURUSD price is near a key pivot. We see the potential for a bullish bounce from our pivot level of 1.08102 in line with 161.8% Fibonacci extension towards our 1st resistance level of 1.09381 in line with a 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator whereby price is trading at support level.

Alternative Scenario:

Alternatively, price might continue to drop towards the 1st support level of 1.06461 which is a key graphical swing low support.