Type:
Bearish Reversal
Key Levels:
Resistance: 0.68224
Pivot: 0.67913
Support: 0.7266
Preferred Case:
Prices are on bearish momentum and have recently broken out of our bearish trendline. We see potential for a dip from our Pivot at 0.67913 which is a graphical overlap and in line with 78.6 Fibonacci retracement and 100% Fibonacci extension towards our 1st support at 100% and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 0.68224 in line with 127.2% 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.