Type:
Bearish Reversal
Key Levels:
Resistance: 0.63722
Pivot: 0.62913
Support: 0.61083
Preferred Case:
On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will drop from the pivot at 0.62913 in line with the pullback resistance to the 1st support at 0.61083 in line with the 78.6% fibonacci projection and 127.2% fibonacci extension.
Alternative Scenario:
Alternatively, price may break the pivot structure and rise to the 1st resistance at 0.63722 in line with the 38.2% fibonacci retracement and overlap resistance.
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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.