Type:
Bearish Reversal
Key Levels:
Resistance: 1.28125
Pivot: 1.27819
Support: 1.26645
Preferred Case:
On the H4 timeframe, We see the possibility of bearish continuation from our pivot at 1.27819 in line with horizontal swing high resistance towards our 1st support at 1.26645 in line with the 100% Fibonacci extension level. Our bearish bias is further supported by prices reversing off the RSI indicator.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.28125 in line with the 127.2% Fibonacci extension 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.