Type:
Bearish Reversal
Key Levels:
Resistance: 0.97506
Pivot: 0.96719
Support: 0.95535
Preferred Case:
On the H4, with MACD moving in a bearish momentum, we have a bearish bias that price will drop to our 1st support at 0.95535 where the 61.8% Fibonacci retracement and swing low support are from our pivot at 0.96719 in line with the overlap resistance and 23.6% fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 0.97506 where the swing high resistance and 38.2% fibonacci retracement are.
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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.