Type:
Bearish Reversal
Key Levels:
Resistance: 128.011
Pivot: 127.083
Support: 126.152
Preferred Case:
On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that prices will drop to our 1st support at 126.152 where our horizontal pullback support, 78.6% Fibonacci projection and 100% Fibonacci projection are at froour pivot at 127.083 in line with horizontal overlap resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for the 1st resistance at 128.011 in line with the horizontal overlap resistance and 38.2% 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.