Type:
Bearish Reversal
Key Levels:
Resistance: 1.14398
Pivot: 1.1476
Support: 1.14398
Preferred Case:
With price below our moving average and rejecting the 127.2% Fibonacci projection at pivot at 1.1476 , we are expecting to see price dip to 1st support at 1.14398 in line with the 161.8% Fibonacci projection.
Alternative Scenario:
Alternatively, we may see price rise to 1st resistance at 1.14398 in line with the 23.6% 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.