Type:
Bearish Reversal
Key Levels:
Resistance: 1.53397
Pivot: 1.51769
Support: 1.48651
Preferred Case:
On the H4, with price recently breaking the ascending trendline, we have a bearish bias that price will drop from the pivot at 1.51769 at the overlap resistance in line with 23.6% fibonacci retracement , 38.2% fibonacci retracement and 61.8% fibonacci projection to the 1st support at 1.48651 at the pullback support in line with the 100% fibonacci projection .
Alternative Scenario:
Alternatively, price may bounce off the 1st resistance and rise to the 1st resistance at 1.53397 at the swing high.
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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.