Type:
Bearish Reversal
Resistance: 113.207
Support: 110.765
Pivot: 112.226
Preference:
Price is approaching a pivot at 112.226 in line with 127.2% Fibonacci retracement and bullish channel. Price has the potential to dip towards our 1st support at 110.765 in line with 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price could climb higher towards our 1st resistance 113.207 in line with 161.8% Fibonacci retracement.
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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.