Type:
Bearish Reversal
Key Levels:
Resistance: 0.94304
Pivot: 0.93745
Support: 0.92879
Preferred Case:
On the H4 timeframe, price is abiding by the ascending trendline. We see the potential for bearish reversal from our pivot level at 0.93745 in line with 61.8% Fibonacci retracement towards our 1st support level at 0.92879 which is in line with 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price might break through the key resistance level and head towards the 1st resistance level of 0.94304 which lines up with 78.6% Fibonacci projection and 127.2% 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.