Type:
Bearish Reversal
Key Levels:
Resistance: 0.93555
Pivot: 0.93309
Support: 0.9274
Preferred Case:
Prices are at a pivot and graphical overlap. We see the potential for a sell entry at our pivot at 0.93309 in line with 127.2% Fibonacci extension and 127.2% Fibonacci Projection towards our Take Profit at 1st support at 0.9274 in line with 23.6% Fibonacci retracement. RSI is at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may go higher towards our 1st resistance at 0.93555 which is a graphical swing high.
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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.