Type:
Bearish Reversal
Key Levels:
Resistance: 0.92784
Pivot: 0.92661
Support: 0.92374
Preferred Case:
Price broke out the ascending trendline support (now resistance). We can expect price to drop from Pivot level in line with 23.6% Fibonacci retracement towards 1st Support in line with 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, price could push further up towards 1st Resistance in line with 38.2% 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.