Type:
Bearish Reversal
Key Levels:
Resistance: 0.71703
Pivot: 0.71235
Support: 0.7029
Preferred Case:
On the H4, with price moving below the Ichimoku cloud and the descending trendline, we have a bearish bias that price will drop from our pivot at 0.71235 where the horizontal swing high resistance, 61.8% Fibonacci retracement and 78.6% Fibonacci projection is to our 1st support at 0.7029 in line with the horizontal swing low support and 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price may break structure and head for 1st resistance at 0.71703 where the horizontal swing high resistance is.
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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.