Type: Bearish MomentumKey Levels:Resistance: 1.0790Pivot: 1.0654Support: 1.0428Preferred Case:On the H4, with price recently breaking the ascending trendline and moving below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 1.0654 in line with the 50% fibonacci retracement, to the 1st support at 1.0428 at the swing low in line with the 61.8% fibonacci retracement.Alternative Scenario:Alternatively, price may reverse off the pivot and rise to the overlap 1st resistance at 1.0790 at the multiple swing highs in line with the 78.6% fibonacci projection and 50% fibonacci retracement.Fundamentals:No major news
Source: Tickmill
