Type:
Bearish Drop
Key Levels:
Resistance: 0.68809
Pivot: 0.64747
Support: 0.62194
Preferred Case:
On the H4, with price showing bearish pressure on the MACD indicator and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from our pivot at 0.64747 in line with the 23.6% fibonacci retracement to our 1st support at 0.62194 at the swing low.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 0.68809 in line with the 78.6% 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.