Type:
Bearish Reversal
Key Levels:
Resistance: 1.01
Pivot: 0.91
Support: 0.69
Preferred Case:
On the H4, with price expected to reverse off the stochastics resistance, we have a bias that price will drop from pivot of 0.91 in line with the horizontal swing high resistance, 78.6% Fibonacci projection to 1st support at 0.69 in line with the pullback support and 78.6% Fibonacci retracement.Alternative Scenario:
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.01 in line with the horizontal swing high resistance and 127.2% Fibonacci extension.
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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.