Type:
Bearish Reversal
Key Levels:
Resistance: 1.03811
Pivot: 1.02024
Support: 0.99818
Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our pivot of 1.02024 in line with the pullback resistance and 23.6% Fibonacci retracement to our 1st support of 0.99818 in line with the swing low support.
Alternative Scenario:
Alternatively, price may rise to our 1st resistance of 1.03811 in line with the 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.