Type:
Bearish Reversal
Key Levels:
Resistance: 0.77977
Pivot: 0.77256
Support: 0.76337
Preferred Case:
On the H4, with MACD moving in a bearish momentum, we have a bearish bias that price will drop from our pivot at 0.77256 where the horizontal overlap resistance is to our 1st support at 0.76337 where the horizontal overlap support, 100% fibonacci projection and 50% fibonacci retracement are.
Alternative Scenario:
Alternatively, price may break pivot structure and we can expect the bullish momentum to carry price to 1st resistance at 0.77977 in line with swing high resistance and 78.6% fibonacci projection.
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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.