Type:
Bearish Reversal
Key Levels:
Resistance: 1.23513
Pivot: 1.22844
Support: 1.21341
Preferred Case:
Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect that price to potentially drop from pivot level in line with 78.6% Fibonacci projection and 50% Fibonacci retracement towards 1st Support in line with 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is abiding to the descending trendline resistance.
Alternative Scenario:
Alternatively, price could push higher up to the 1st Resistance in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection.
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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.