Type:
Bearish Reversal
Key Levels:
Resistance: 1.26228
Pivot: 1.25635
Support: 1.24564
Preferred Case:
On the H4, with price moving below our Ichimoku cloud, we have a bias that price will drop from pivot of 1.25635 in line with the horizontal pullback resistance to 1st support at 1.24564 in line with the horizontal swing low support and 200% Fibonacci projection .
Alternative Scenario:
Alternatively, price may break pivot and head for 1st resistance at 1.26228 in line with the horizontal pullback resistance.
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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.