Title
Potential Bearish Breakout
Type
Bearish Drop
Preference:
Price has broken below a potential breakout level and could drop lower from here; sell at market (pivot point: 1.08347) and we could see momentum carry price down to its 1st support at 1.07992 which is a pullback support that sits below the 61.8% Fibonacci retracement level.
Alternative scenario:
If price reverses from the pivot point, it could hit the 1st resistance at 1.08664 which is a pullback resistance level.
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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.