Type:
Bearish Reversal
Key Levels:
Resistance:1.75459
Pivot:1.74333
Support:1.71975
Preferred Case:
On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the pivot at 1.74333 in line with the 61.8% fibonacci projection and pullback resistance to the 1st support at 1.71975 in line with the swing low and 78.6% fibonacci projection
Alternative Scenario:
Alternatively, price may reverse to the pivot and break the resistance to rise to 1st resistance at 1.75459 at the swing high in line with the 50% 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.