Type:
Bearish Reversal
Key Levels:
Resistance: 124.27
Pivot: 124.011
Support: 123.404
Preferred Case:
Price is abiding to descending trendline resistance, signifying a bearish momentum. We can expect price to drop from pivot level in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 61.8% projection.
Alternative Scenario:
Alternatively, price could push towards 1st Resistance in line with 78.6% Fibonacci projection and 78.6% Fibonacci retracement.
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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.