Type:
Bearish Reversal
Key Levels:
Resistance: 1.28314
Pivot: 1.27881
Support: 1.26647
Preferred Case:
With price expected to retest and reverse off the resistance of the stochastics, we are bias that price will drop from our pivot at 1.27881 in line with the horizontal swing high resistance and 100% Fibonacci projection level to 1st support at 1.26647 in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1.28314 in line with the 127.2% Fibonacci extension and horizontal swing high resistance.
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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.