Type:
Bearish Reversal
Key Levels:
Resistance: 1.26743
Pivot: 1.25918
Support: 1.25201
Preferred Case:
Price is near the pivot level and it is on a bearish momentum. We expect price to potentially dip from pivot level of 1.2591 along with a minor horizontal overlap resistance towards the 1st support level of 1.2520 which is line with 61.8% Fibonacci retracement and 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price might rise towards the 1st resistance level of 1.2674 which is in line with 78.6% 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.