Type:
Bearish Reversal
Key Levels:
Resistance: 0.75632
Pivot: 0.75286
Support: 0.74439
Preferred Case:
Prices are approaching a pivot. We se the potential for a dip from our Pivot at 0.75286 which is an area of Fibonacci confluences towards our 1st support at 0.74439 in line with 23.6% Fibonacci retracement. Bearish divergence is spotted on our RSI, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb to our 1st resistance at 0.75632.
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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.