Type:
Bearish Reversal
Key Levels:
Resistance: 1.51611
Pivot: 1.50021
Support: 1.47803
Preferred Case:
On the H4, with price moving within the descending trend channel, we have a bearish bias that price will drop from pivot at 1.50021 in line with the horizontal swing high to the 1st support at 1.47803 at the multiple swing lows in line with the 61.8% fibonacci projection.
Alternative Scenario:
Alternatively, price may break pivot and rise to 1st resistance at 1.51611 in line with the 78.6% fibonacci retracement and multiple swing highs.
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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.