Type:
Bearish Reversal
Key Levels:
Resistance: 0.94387
Pivot: 0.93754
Support: 0.92998
Preferred Case:
On the H4, with price expected to reverse off our Ichimoku cloud resistance, we have a bias that price will drop from pivot of 0.93754 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement to 1st support at 0.92998 in line with the horizontal overlap support, support of the ascending channel and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 0.94387 in line with the 61.8% Fibonacci projection and 161.8 Fibonacci extension.
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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.