Type:
Bearish Reversal
Key Levels:
Resistance: 101.159
Pivot: 100.742
Support: 99.394
Preferred Case:
We see that price is near pivot level and it is on a bearish momentum. Price can potentially dip from pivot level of 100.742 which lines up with 138.2% Fibonacci extension towards the 1st support level of 99.394 which is in line with 50% Fibonacci retracement, along with a horizontal pullback support.
Alternative Scenario:
Otherwise, price can also break through the pivot level and trigger a rise towards the 1st resistance level of 101.159 which is in line with 78.6% Fibonacci projection and 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.