Type:
Bearish Reversal
Key Levels:
Resistance: 0.72177
Pivot:0.71851
Support: 0.70873
Preferred Case:
Price broke out of the ascending trendline support, signifying a bearish momentum. We can expect price to drop from the pivot level in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards the 1st support in line with 78.6% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.
Alternative Scenario:
Alternatively, price could push up towards the 1st Resistance in line with 100% Fibonacci projection and 61.8% Fibonacci retracement.
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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.