Type:
Bearish Reversal
Key Levels:
Resistance: 0.75598
Pivot: 0.74988
Support: 0.74258
Preferred Case:
On the H4, price is near Pivot level of 0.74988 in line with 127.2% Fibonacci extension and 100% Fibonacci projection. Price can dip towards the 1st support level of 0.74258 which is in line with 23.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator as it is at the resistance level
Alternative Scenario:
Alternatively, price might move towards the 1st resistance level of 0.75598 in line with 138.2% Fibonacci extension and -27.2% Fibonacci expansion.
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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.