Type:
Bearish Reversal
Key Levels:
Resistance: 0.90689
Pivot: 0.90421
Support: 0.89571
Preferred Case:
On the H4, with prices moving below the ichimoku indicator, price breakout from ascending trendline, we have a bearish bias that price will drop from our pivot at 0.90421 where the horizontal pullback resistance is to our 1st support at 0.89571 where the horizontal swing low support, 200% fibonacci extension and 78.6% fibonacci retracement are.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 0.90689 in line with swing high resistance.
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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.