Type:
Bearish Reversal
Key Levels:
Resistance: 114.486
Pivot: 114.184
Support: 113.787
Preferred Case:
Prices were abiding to our bullish trendline. We see potential for a pullback from our Pivot at 114.184 in line with 127.2% Fibonacci retracement and 61.8% Fibonacci extension towards our 1st support at 113.787 in line with 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices might climb higher towards our 1st resistance at 114.486 in line with 161.8% Fibonacci projection and 78.6% 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.