Type:
Bearish Reversal
Key Levels:
Resistance: 0.68852
Pivot: 0.6859
Support: 0.68135
Preferred Case:
Prices have reached a strong resistance level and are consolidating in a double top. We see the potential for a short pullback from our Pivot at 0.6859 in line with 127.2% Fibonacci extension towards our 1st support at 0.68135 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. RSI is at levels where dips previously happened.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 78.6% Fibonacci retracement.
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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.