Type:
Bearish Reversal
Key Levels:
Resistance: 137.766
Pivot: 136.703
Support: 134.766
Preferred Case:
On the H4, with price broken out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our pivot at 136.703 where the overlap resistance is to the 1st support at 134.766 where the swing low support and 61.8% fibonacci retracement are.
Alternative Scenario:
Alternatively, price could break pivot structure and head for 1st resistance at 137.766 where the pullback resistance and 61.8% fibonacci retracement are.
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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.