Type:
Bearish Reversal
Key Levels:
Resistance: 0.93354
Pivot: 0.9279
Support: 0.91483
Preferred Case:
On the H4 timeframe, prices are on bearish momentum with lower highs and lower lows. We see the possibility of bearish continuation from our pivot at 0.9279 in line with the horizontal swing high resistance towards our 1st support at 0.91483 in line with 100% Fibonacci projections. Our bearish bias is further supported by how price is expected to reverse off the stochastics.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 0.93354 where the 127.2% Fibonacci extension 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.