Type:
Bearish Reversal
Key Levels:
Resistance: 1.25908
Pivot: 1.25304
Support: 1.24513
Preferred Case:
On the H4, with price moving below the Ichimoku cloud, we expect to see a potential for bearish drop from our pivot of 1.25304 in line with the 23.6% fibonacci retracement and 61.8% Fibonacci projection towards our 1st support level at 1.24513 in line with the swing low support.
Alternative Scenario:
Alternatively, If price breaks out, it can potentially move towards our 1st resistance level at 1.25908 which is in line with the 38.2% Fibonacci retracement and 100% Fibonacci projection.
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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.