Type:
Bearish Reversal
Key Levels:
Resistance: 1.24944
Pivot: 1.23917
Support: 1.22658
Preferred Case:
On the H4, with price reversing off the Ichimoku indicator, we have a bearish bias that prices will drop to our 1st support at 1.22658 where our horizontal pullback support, 100% Fibonacci projection and 61.8% Fibonacci retracement is at from our pivot at 1.23917 in line with the horizontal overlap resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for the 1st resistance at 1.24944 in line with the horizontal swing high 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.