Prices are approaching pivot level which is horizontal pullback support in line with 61.8% Fiboancci extension and 50% Fibonacci retracement. Prices might push up towards horizontal pullback resistance in line with 78.6% Fibonacci extension and 127.2% Fibonacci retracement. EMA is also below prices, showing a bullish pressure for prices. If prices continue to push down, prices might take support on horizontal swing low support in line with 50% Fibonacci retracement and 127.2% 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.