Type:
Bearish Drop
Key Levels:
Resistance: 0.68753
Pivot: 0.68449
Support: 0.67353
Preferred Case:
Price is near the pivot level of 0.68444 in line with 61.8% Fibonacci retracement. Price can potentially dip to the 1st support level of 0.67373 in line with 161.8% Fibonacci extension and 78.6% Fibonacci projection. Our bearish bias is further supported by price trading under the Ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price might move towards 1st resistance level of 0.68753 in line with 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.