Type Bearish Reversal Key levels:Resistance: 138.784 Pivot: 135.589 Support:131.521 Preference: On the H4, with price approaching and expected to reverse off stochastic indicator, we have a bearish bias that price will drop from our pivot at 135.589 in line with the swing high resistance and 61.8% fibonacci projection to our 1st support at 131.521 in line with the swing low support,78.6% fibonacci projection and 50% fibonacci retracement . Alternative Scenario: Alternatively, price may break pivot structure and head for 1st resistance at 138.784 where the 161.8% fibonacci extension and 78.6% fibonacci projection are.
Source: Tickmill