Type:
Bearish Momentum
Key Levels:
Resistance: 1.06560
Pivot: 1.05470
Support: 1.03665
Preferred Case:
On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the pivot at 1.05470 at the pullback resistance in line with the 50% fibonacci retracement to the 1st support at 1.03665 at the swing low in line with the 61.8% fibonacci projection and 78.6% fibonacci projection .
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 1.06560 at the multiple swing highs in line with the 61.8% fibonacci retracement .
Fundamentals:
No major news
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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.