Type:
Bearish Reversal
Key Levels:
Resistance: 1.06745
Pivot: 1.06581
Support: 1.06254
Preferred Case:
On the H4, with price moving below the Ichimoku cloud, we have a bias that price will drop from pivot of 1.06581 in line with the horizontal overlap resistance and 38.2% Fibonacci retracement to 1st support at 1.06254 in line with the swing low support and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.06745 in line with the horizontal overlap resistance 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.