Type:
Bearish Reversal
Key Levels:
Resistance: 1.32797
Pivot: 1.32471
Support: 1.31866
Preferred Case:
If prices breaks pass the resistance to approach our Pivot, we see the potential pullback from our Pivot at 1.32471 which is an area oF Fibonacci confluences towards our 1st support at 1.31866 in line with 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, our stop loss will be placed at 1.32797 which in in line with 100% Fibonacci Projection.
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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.