Type:
Bearish Reversal
Key Levels:
Resistance: 1.1419
Pivot: 1.13683
Support: 1.13097
Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will from our pivot at 1.13683 which is in line with horizontal swing high resistance and 38.2% Fibonacci retracement to 1st support at 1.13097, which is in line with horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.1419, which coincides with horizontal swing high resistance and 61.8% 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.