Type:
Bearish Reversal
Key Levels:
Resistance: 1.28328
Pivot: 1.27628
Support: 1.26388
Preferred Case:
With price moving below the ichimoku cloud and respecting the descending trendline, we have a bearish bias that price will drop from our pivot at 1.27628 which is in line with horizontal overlap resistance,38.2% Fibonacci retracement level to 1st support at 1.26388, which is in line with horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and rise up to our 1st resistance at 1.28328, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level .
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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.