Type:
Bearish Reversal
Key Levels:
Resistance: 0.93865
Pivot: 0.93559
Support: 0.93037
Preferred Case:
Price is on a bullish momentum and abiding to a ascending trendline. We see potential for a dip from our Pivot at 0.93559 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension towards our 1st support at 0.93037 in line with 23.6% and 78.6% Fibonacci retracement
Alternative Scenario:
Alternatively, prices might climb towards our 1st resistance at 0.93865 in line with 61.8% and 100% 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.