Type:
Bearish Momentum
Key Levels:
Resistance:
1465.00
Pivot:
1409.75
Support:
1391.75
Preferred Case:
We have a bearish bias on the H4 chart. In addition, price is below the Ichimoku cloud , indicating a bearish market. If the bearish momentum continues, price may continue to move towards the Pivot at 1409.75, where the 50% Fibonacci line is located.
Alternative Scenario:
Price may rise again to retest the resistance at 1465.00, where the previous swing high is.
Fundamentals:
There are 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.