Type:
Bearish Reversal
Key Levels:
Resistance: 1.07863
Pivot: 1.06046
Support: 1.03571
Preferred Case:
On H4, with price recently breaking the ascending trendline, we have a bearish bias that price will continue to drop from the pivot at 1.06046 at the pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement to the 1st support at 1.03571 in line with the multiple horizontal swing lows and 61.8% fibonacci projection
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 1.07863 at the horizontal swing high in line with the 50% fibonacci retracement and 100% 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.