Type:
Bearish Reversal
Key Levels:
Resistance: 0.88105
Pivot: 0.87698
Support: 0.86585
Preferred Case:
Prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a Dip from our Pivot at 0.87698 in line with 161.8% Fibonacci projection and 100% Fibonacci extension towards our 1st support which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 0.88105 in line with 127.2% Fibonacci extension and 200% 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.