Type:
Bearish Breakout
Key Levels:
Resistance: 18.912
Pivot: 118.609
Support: 118.005
Preferred Case:
Prices are at a monthly resistance. We see the potential for a short pullback from our Pivot at 118.609 which is a graphical overlap towards our 1st support at 118.005 in line with 23.6% Fibonaci retracement and 127.2% Fibonacci projection. RSI is showing bearish divergence.
Alternative Scenario:
Alternatively, prices may climb higher towards Our 1st resistance at 118.912 in line with 61.8% Fibonacci projection.
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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.