Type: Bearish Drop
Pivot: 1.18389
Support: 1.17708
Resistance: 1.18677
Preference: Price is approaching pivot where we may potentially see bearish pressure towards the 1st Support, in-line with 50% Fibonacci Retracement and 127.2% Fibonacci Extension
Alternative Scenario: If price continue to bounce above the pivot, we may see it swing towards 1st Resistance, in-line with 61.8% Fibonacci Retracement and 200% Fibonacci Extension.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.