Type:
Bearish Reversal
Key Levels:
Resistance: 1.02414
Pivot: 1.01996
Support: 1.01906
Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our pivot at 1.01996 in line with the 38.2% Fibonacci retracement and horizontal overlap resistance to our 1st support at 1.00916 in line with the swing low support.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st resistance at 1.02414 in line with the 50% 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.