Type:
Bearish Reversal
Key Levels:
Resistance: 115.838
Pivot: 115.347
Support: 114.686
Preferred Case:
Prices are consolidating in a parallel channel. We see potential for prices may dip towards our 1st support at 114.686 in line with 38.6% Fibonacci retracement from our Pivot at 115.347 which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices might climb towards our 1st resistance at 115.838 in line with 100%, 161.8% and 161.8% 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.