Type:
Bearish Reversal
Key Levels:
Resistance: 1.2406
Pivot: 1.2154
Support: 1.19353
Preferred Case:
On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our pivot at 1.2154 where the horizontal overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are to our 1st support at 1.19353 where the horizontal swing low support and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price could rise above pivot structure and head to 1st resistance at 1.2406 in line with the swing high resistance.
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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.