Type:
Bearish Reversal
Key Levels:
Resistance: 1.35079
Pivot: 1.34205
Support: 1.33526
Preferred Case:
Prices is on a bearish momentum and have recently retested our bearish trendline. We see a potential dip from our Pivot at 1.34205 in line with 100% and 61.8% Fibonacci extension towards our 1st support at 1.33526 which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices might climb higher towards our 1st resistance at 1.35079 in line with 78.6% Fibonacci extension 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.