Type:
Bearish Reversal
Key Levels:
Resistance: 1.03532
Pivot: 1.0198
Support: 0.99541
Preferred Case:
On the H4, with price moving within the descending trend channel, we have a bearish bias that price will drop from the pivot at 1.0198 at the swing high in line with the 38.2% fibonacci retracement and 100% fibonacci projection to the 1st support at 0.99541 at the swing low.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 1.03532 at the pullback resistance 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.