Type:
Bearish Breakout
Key Levels:
Resistance: 115.522
Pivot: 115.249
Support: 114.823
Preferred Case:
Prices are on a bullish momentum and abiding to our bullish trendline. We see potential for a bounce from our Pivot at 115.249 in line with 38.2% and 61.8% Fibonacci extension towards our 1st resistance at 115.522 in line with 100% and 161.8% Fibonacci projection.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 114.823 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.