Type:
Bearish Reversal
Key Levels:
Resistance: 1.27250
Pivot: 1.26937
Support: 1.26094
Preferred Case:
With price moving below the Ichimoku cloud , we have a bearish bias that price will drop from our pivot at 1.26937 which is in line with horizontal overlap resistance and 38.2% Fibonacci retracement to 1st support at 1.26094, which is in line with horizontal swing low support and 61.8% Fibonacci retracement .
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.27250, which coincides with horizontal swing high resistance and 61.8% 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.