Type:
Bearish Breakout
Key Levels:
Resistance: 1.26603
Pivot: 1.24587
Support: 1.21639
Preferred Case:
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will break the support structure at the pivot and drop from our pivot at 1.24587 in line with the 61.8% fibonacci projection to the 1st support at 1.21639 at the swing low.
Alternative Scenario:
Alternatively, price may bounce off the pivot and rise to the 1st resistance at 1.26603 in line with the 50% fibonaci retracement.
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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.