Type:
Bearish Reversal
Key Levels:
Resistance: 1.0542
Pivot: 1.05247
Support: 1.04683
Preferrence:
Prices are approaching a daily Pivot. We see the potential for a short from our Pivot at 1.05247 in line with 78.6% Fibonacci extension and 23.6% Fibonacci retracement towards our 1st support at at 1.04683 in line with 23.6% Fibonacci retracement. RSI is at an all time high.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 1.0542.
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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.