Type:
Bearish Reversal
Key Levels:
Resistance: 1.12432
Pivot: 1.11305
Support: 1.09043
Preferred Case:
Price is near pivot level of 1.11305 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can move towards the 1st support level of 1.09043 which is in line with 61.8% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is near resistance level.
Alternative Scenario:
Alternatively, price might move towards the 1st resistance level at 1.12432 in line with 61.8% Fibonacci retracement and 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.