Type: Bearish DropKey Levels:Resistance: 1654.99Pivot: 1559.47Support: 1421.24Preferred Case:On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 1559.47 where the overlap support is. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 1421.24 where the swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension.Alternative Scenario:Alternatively, price could rise to 1st resistance at 1654.99 where the pullback resistance, 100% fibonacci projection and 78.6% fibonacci retracement are.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/ethusd-h4-or-potential-bearish-drop31"
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