Price is reversing from Pivot in line with 78.6% fibonacci retracement, 100% fibonacci extension, and descending trendline resistance. Where we may see a drop towards 1st support, in line with 61.8% fibonacci extension.If price fails to hold under the Pivot point, we may see it swing up towards the 1st resistance, in line with 78.6% fibonacci retracement, and horizontal swing high
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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.