Type: Bearish Drop
Pivot: 109.908
Support: 109.634
Resistance: 110.445
Preference:
Price has recently dipped and touched our Pivot at 109.908, in line with 61.8% Fibonacci retracement. We foresee price potentially dipping towards the graphical swing low support level at 109.634 within the range of the channel. Indicators are showing continuation of bearish momentum.
Alternative Scenario:
Alternatively, Price Might Rebound At Our Pivot And Swing Upwards Towards Our 1st Resistance At 110.445, Which Is A Graphical High.
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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.