Type:
Bearish Reversal
Key Levels:
Resistance: 1.19745
Pivot: 1.19338
Support: 1.18223
Preferred Case:
On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop from our pivot at 1.19338 where the horizontal pullback resistance is to our 1st support at 1.18223 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection are.
Alternative Scenario:
Alternatively, price could rise to 1st resistance at 1.19745 in line with the pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
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.