Title
Overlap Resistance at 61.8% Fibonacci Retracement
Type
Bearish Reversal
Preference:
Price is rising toward the pivot of 1.0843, a pullback resistance. A reversal from this level could lead the price to fall to 1st support at 1.0789, a pullback support level
Alternative scenario:
If price breaks above the pivot, it could rise to 1st resistance at 1.0890, an overlap resistance
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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.