Type:
Bearish Reversal
Key Levels:
Resistance: 119.524
Pivot: 119.245
Support: 118.411
Preferred Case:
Prices are at a swing high. We see the potential for a short pullback from our Pivot at 119.245 in line with 61.8% Fibonacci Projection towards our 1st support at 118.411 in line with 61.8% Fibonacci retracement. RSI is showing bearish divergence, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 119.524 in line with 78.6% 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.