EURUSD H4 | Bouncing off Fibo confluence?

TitleEURUSD H4 | Bouncing off Fibo confluence?TypeBullish BouncePreference:The price is currently at the pivot point at 1.0456, which aligns with 127.2% Fibo extension and 61.8% Fob projection.  A bounce from this level could lead the price to rally toward the 1st resistance at 1.05757, which is an overlap resistance.Alternative scenario:However, if the price breaks below the pivot, it might decline to the 1st support at 1.03775, below the 161.8% Fibo extensionTo discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.