Type:
Bearish Reversal
Key Levels:
Resistance: 0.69255
Pivot: 0.68959
Support: 0.67977
Preferred Case:
Price is near pivot level of 0.68959 in line with 78.6% Fibonacci retracement. Price can move towards the 1st support level of 0.67977 which is in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the price trading below the Ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price might move towards the 1st resistance level at 0.69255 in line with 127.2% Fibonacci extension, along with a graphical 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.