Type:
Bearish Reversal
Key Levels:
Resistance: 114.372
Pivot: 113.784
Support: 113.038
Preferred Case:
Prices are on bearish momentum. We see potential for a dip from our Pivot at 113.784 which is an area of Fibonacci confluences towards our 1st support at 113.038 in line with 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 114.372 which is an area of Fibonacci confluences.
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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.