Type:
Bearish Reversal
Key Levels:
Resistance: 114.702
Pivot: 114.288
Support: 113.391
Preferred Case:
Prices have recently broken out of our bullish trendline and is on bearish momentum. We see potential for a dip from our Pivot at 114.288 in line with 100% Fibonacci extension towards our 1st support at 113.391 in line with 61.8% Fibonacci extension and 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices might climb higher towards our 1st resistance at 114.702 in line with 100% and 127.2% Fibonacci extension.
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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.