Type:
Bearish Drop
Key Levels:
Resistance: 1.16192
Support: 1.15344
Pivot: 1.15841
Preference:
Price is rejecting our resistance at pivot at 1.15841 in line with the 38.2% Fibonacci retracement and horizontal overlap resistance. We expect to see price drop from here to 1st support at 1.15344 in line with 78.6% Fibonacci retracement and horizontal overlap support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.16192 in line with the 61.8% Fibonacci retracement 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.