Type:
Bearish Reversal
Key Levels:
Resistance: 95.694
Pivot: 95.574
Support: 95.138
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for a dip from our Pivot at 95.572 in line with 100% Fibonacci extension towards our 1st support at 95.137 in line with 78.6% Fibonacci retracement. Prices are trading below our Ichimoku cloud resistance, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 95.691 in line with 61.8% Fibonacci retracement, 23.6% Fibonacci retracement and 127.2% 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.