Type:
Bearish Reversal
Key Levels:
Resistance: 0.70373
Pivot: 0.70048
Support: 0.68297
Preferred Case:
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will continue to drop from the pivot at 0.70048 in line with the overlap resistance to the 1st support at 0.68297 in line with the 100% fibonacci projection and swing low support.
Alternative Scenario:
Alternatively, price may break the strong pivot structure and we would expect bullish momentum to carry prices to the 1st resistance at 0.70373 at the pullback resistance and 38.2% fibonacci retracement.
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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.