Type:
Bearish Reversal
Key Levels:
Resistance: 113.95
Pivot: 113.587
Support: 112.724
Preferred Case:
Prices are on bearish momentum and have approached a Pivot. We see potential for a sell entry at 113.587 in line with 100% Fibonacci retracement and 100% Fibonacci extension towards our Take Profit at 112.724 in line with 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 113.95 in line with 127.2% Fibonacci extension and 127.2% 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.