Type:
Bearish Reversal
Key Levels:
Resistance: 1.12191
Pivot: 1.11375
Support: 1.10394
Preferred Case:
We see the potential for a bearish reversal from our pivot level of 1.11375 in line with 61.8% Fibonacci projection and 50% Fibonacci retracement towards our 1st support at 1.10394 in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where price is at resistance level.
Alternative Scenario:
Alternatively, price might continue to rise up to 1st resistance level of 1.12191 in line with 78.6% Fibonacci projection and 61.8% 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.