Type:
Bearish Reversal
Key Levels:
Resistance: 0.65658
Pivot: 0.64704
Support: 0.62937
Preferred Case:
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 0.64704 in line with the 100% fibonacci projection and overlap resistance to the 1st support at 0.62937 in line with the 78.6% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 0.65658 in line with the multiple swing highs and 50% fibonacci 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.