Type:
Bearish Reversal
Key Levels:
Resistance: 1.29389
Pivot: 1.2846
Support: 1.28034
Preferred Case:
Price is trading in an ascending channel and near pivot level of 1.2846 which is also 38.2% Fibonacci retracement. Price can potentially go to the 1st resistance level of 1.29389 which is also 78.6% Fibonacci retracement and 78.6% Fibonacci projection
Alternative Scenario:
Price can potentially dip to the 1st support level of 1.28035 which is also 38.2% Fibonacci retracement and 61.8% 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.