Type:
Bearish Reversal
Key Levels:
Resistance: 0.97979
Pivot: 0.96372
Support: 0.94604
Preferred Case:
We expect that price will potentially reverse from pivot level of 0.96372 in line with 161.8% fibonacci extension and -61.8% fibonacci expansion towards the 1st support level of 0.94604 in line with 38.2% fibonacci retracement.
Alternative Scenario:
Alternatively, price might break the key pivot level and head towards the 1st resistance level of 0.97979 in line with previous horizontal 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.