Type: Bearish MomentumKey Levels:Resistance: 1.06560Pivot: 1.05470Support: 1.03665Preferred Case:On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the pivot at 1.05470 at the pullback resistance in line with the 50% fibonacci retracement to the 1st support at 1.03665 at the swing low in line with the 61.8% fibonacci projection and 78.6% fibonacci projection .Alternative Scenario:Alternatively, price may reverse off the pivot and rise to the 1st resistance at 1.06560 at the multiple swing highs in line with the 61.8% fibonacci retracement .Fundamentals:No major news
Source: Tickmill
