Type:
Bearish Reversal
Key Levels:
Resistance: 1.36251
Pivot:1.35984
Support: 1.3557
Preferred Case:
Prices are abiding to a bullish trendline and forming a potential double top. We see the potential for a reaction dip from our Pivot at 1.35984 in line with 61.8% Fibonacci extension towards our 1st support at 1.3557 in line with 38.2% Fibonacci retracement. RSI is at a level where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 1.36251 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension.
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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.