Type:
Bearish Reversal
Key Levels:
Resistance: 1.16236
Pivot: 1.16021
Support: 1.15359
Preference Case:
Price is approaching our pivot at 1.16021 which is in line with 50.0% Fibonacci retracement level horizontal swing high resistance. Price can potentially dip to 1st support at 1.15359, which is in line with 78.6% Fibonacci retracement level from pivot. Our bearish bias is supported by the fact that price is approaching resistance on the stochastics and the ichimoku cloud.
Alternative Scenario:
Alternatively, price may rise up to our 1st resistance at 1.16236, which coincides with 61.8% Fibonacci retracement level and horizontal 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.