Title
Bearish Momentum to Extend?
Type
Bearish Breakout
Preference:
Price could fall towards the pivot point of 0.59857 which is a potential breakout level and could drop lower from here; we could see momentum carry price down to its 1st support at 0.59406 which is an overlap support level.
Alternative scenario:
If price reverses from the pivot point, it could hit the 1st resistance at 0.60293 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level.
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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.