Type:
Bearish Reversal
Key Levels:
Resistance: 1.2183
Pivot: 1.21045
Support: 1.17882
Preferred Case:
On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our pivot at 1.21045 where the horizontal pullback resistance and 23.6% fibonacci retracement are to our 1st support at 1.17882 in line with the 78.6% fibonacci projection and 61.8% fibonacci projection .
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.2183 where the horizontal overlap resistance and 38.2% fibonacci retracement are.
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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.