Type:
Bearish Reversal
Key Levels:
Resistance: 96.304
Pivot: 96.119
Support: 95.654
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for bearish continuation from our Pivot at 96.119 in line with 61.8% Fibonacci retracement towards our 1st support at 95.654 in line with 100% Fibonacci retracement and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 96.304 in line with 78.6% Fibonacci retracement.
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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.