Type:
Bearish Reversal
Key Levels:
Resistance: 1.47264
Pivot: 1.4612
Support: 1.43219
Preferred Case:
Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our Pivot at 1.4612 in line with 78.6% Fibonacci Projection towards our 1st support at 1.43219 which is a graphical swing low.
Alternative Scenario:
Alternatively, prices may go higher to 1st resistance at 1.47264 in line with 100% Fibonacci Projection.
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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.