Type:
Bearish Reversal
Key Levels:
Resistance: 0.96639
Pivot: 0.96326
Support: 0.94711
Preferred Case:
Price is near to the key pivot level. We expect that price will potentially reverse from the pivot level of 0.96326 in line with 161.8% fibonacci extension towards the 1st support level of 0.94702 in line with 23.6% fibonacci retracement.
Alternative Scenario:
Alternatively, price might break the pivot level and rise towards the 1st resistance level of 0.96639 which lines up with -61.8% fibonacci expansion.
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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.