Type:
Bearish Reversal
Key Levels:
Resistance: 1.2591
Pivot: 1.25006
Support: 1.23903
Preferred Case:
On the H4, with MACD moving in bearish momentum and price breakout from ascending channel, we have a bearish bias that price will drop from our pivot at 1.25006 where the horizontal overlap resistance is to our 1st support at 1.23903 in line with the 61.8% Fibonacci projection, 50% Fibonacci retracement and overlap support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.2591 where the horizontal overlap resistance is.
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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.