Type:
Bearish Reversal
Key Levels:
Resistance: 117.388
Pivot: 116.359
Support: 117.388
Preferred Case:
Prices are at our Pivot at 116.359 which is an area of Fibonacci confluences, we see the potential for a dip towards our 1st support at 115.383 in line with 23.6% Fibonacci retracement. RSI are at levels where dips previous occurred.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 117.388 in line with 161.8% 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.