Type:
Bearish Drop
Key Levels:
Resistance: 0.73932
Pivot: 0.73649
Support: 0.72799
Preferred Case:
Price is abiding to the descending trendline resistance, signifying bearish momentum. We can expect price to drop from pivot in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement to 1st Support in line with 61.8% Fibonacci projection.
Alternative Scenario:
Alternatively, price could push up to 1st resistance in line with 161.8% Fibonacci projection and 78.6% 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.