Preferred Case: On the H4, with price moving in a descending trendline and below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 1.0668 at the pullback resistance and multiple swing high in line with the 61.8% fibonacci retracement to the 1st support at 1.0364 in line with the swing low and 78.6% fibonacci projection.
Alternative scenario: Alternatively, price may reverse off the pivot and rise to the overlap 1st resistance at 1.0791 at the multiple swing highs in line with the 78.6% fibonacci projection and 50% fibonacci retracement.
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Alternative scenario: Alternatively, price may reverse off the pivot and rise to the overlap 1st resistance at 1.0791 at the multiple swing highs in line with the 78.6% fibonacci projection and 50% fibonacci retracement.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.