Type:
Bearish Reversal
Key Levels:
Resistance: 0.81705
Pivot: 0.8141
Support: 0.80796
Preferred Case:
On the H4, with prices moving within the descending channel and below the ichimoku indicator, we have a bearish bias that price will drop from our pivot at 0.8141 where the horizontal swing high resistance and 23.6% fibonacci retracement are to our 1st support at 0.80796 where the horizontal swing low support and 100% fibonacci projection are.
Alternative Scenario:
Alternatively, price may break pivot structure and we could expect bullish momentum to carry price to 1st resistance at 0.81705 in line with overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci projection.
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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.