Type:
Bearish Reversal
Key Levels:
Resistance: 1.36023
Pivot: 1.34419
Support: 1.3354
Preferred Case:
Prices are on a bearish momentum and abiding to our bearish trendline. We see potential for a dip from our Pivot at 1.34419 which is an area of Fibonacci confluences towards our 1st support at 1.3354 in line with 100% Fibonacci extension.
Alternative Scenario:
Alternatively, prices might climb to our 1st resistance at 1.36023 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.