Type:
Bearish Reversal
Key Levels:
Resistance: 1.03551
Pivot: 1.0231
Support: 1.00075
Preferred Case:
On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the pivot at 1.0231 in line with the 161.8% fibonacci extension and 100% fibonacci projection to the 1st support at 1.00075 in line with the 100% fibonacci projection and -61.8% fibonacci expansion.
Alternative Scenario:
Alternatively, price may reverse off pivot and rise to the 1st resistance at 1.03551 at the pullback swing low in line with the 61.8% fibonacci projection.
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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.