Title
Potential Bearish Momentum
Type
Bearish Reversal
Preference:
Price has just reversed off the pivot point of 1.34038 which is a pullback resistance level and could potentially drop lower from here; we could see momentum carry price down to its 1st support at 1.33397 which is a pullback support that aligns with the 38.2% Fibonacci retracement level.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 1.34472 which is a pullback resistance level.
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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.