Type:
Bearish Reversal
Key Levels:
Resistance: 1.31453
Pivot: 1.30664
Support: 1.29697
Preferred Case:
Price is abiding by the descending channel and is on a bearish momentum. As price is trading below the Ichimoku cloud, it can potentially reverse from the pivot level of 1.30664 in line with 50% fibonacci retracement and 61.8% Fibonacci projection towards the 1st support level of 1.29697 which is in line with 61.8% Fibonacci projection.
Alternative Scenario:
Otherwise, price might break through the key pivot level and head towards the 1st resistance level of 1.31453 which is in line with 100% Fibonacci projection .
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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.