Type :
Bearish Drop
Key Levels:
Resistance : 148.125
Pivot: 144.475
Support : 141.150
Preferred Case:
On the H4, with price moving along the ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 144.475. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 148.125 where the 127.2% fibonacci extension is.
Alternative scenario:
Alternatively, price could drop to the 1st support at 141.150 where the overlap support, 38.2% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals:
No Major News
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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.