Type:
Bearish Reversal
Key Levels:
Resistance: 1.08573
Pivot: 1.07438
Support: 1.05431
Preferred Case:
On the H4, with price showing bearish pressure on the MACD indicator and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from our pivot and overlap resistance at 1.08573 to our 1st support at 1.05431 in line with the 23.6% fibonacci retracement and 50% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 1.08434 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.