Type:
Bearish Reversal
Key Levels:
Resistance: 0.61959
Pivot: 0.61082
Support: 0.60072
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 0.61082 in line with the 127.2% fibonacci extension to the 1st support at 0.60072 in line with the 161.8% fibonacci extension and 100% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 0.61959 in line with the overlap swing high and 100% 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.