Type:
Bearish Reversal
Key Levels:
Resistance: 0.92783
Pivot: 0.9218
Support: 0.91765
Preferred Case:
On the H4 timeframe, prices are on bearish momentum and abiding to our descending trendline. We see the possibility of bearish continuation from our pivot at 0.9218 in line with 61.8% Fibonacci retracement towards our 1st support at 0.91765 in line with the horizontal swing low support. Our bearish bias is further supported by prices trading below our Ichimoku clouds.
Alternative Scenario:
Alternatively, price may break pivot structure head for 1st resistance at 0.92783 in line with the 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.