Type:
Bearish Reversal
Key Levels:
Resistance: 0.76147
Pivot: 0.75292
Support: 0.73757
Preferred Case:
We see the potential for a bearish dip from our pivot level at 0.75292 in line with 127.2% Fibonacci extension towards our 1st support level at 0.73757 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where it is at resistance level.
Alternative Scenario:
Alternatively, price might go up towards the 1st resistance level at 0.76147 in line with 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.