Type:
Bearish Reversal
Key Levels:
Resistance: 128.892
Pivot: 128.09
Support: 127.14
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 128.09 where the 38.2% Fibonacci retracement and horizontal overlap resistance is to our 1st support at 127.14 in line with the 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 128.892 where the horizontal overlap resistance and 61.8% Fibonacci retracement is.
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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.