Type:
Bearish Reversal
Key Levels:
Resistance: 0.92869
Pivot: 0.92679
Support: 0.9242
Preferred Case:
Price is abiding to a descending trendline resistance on the daily, signifying an overall bearish momentum. We can expect price to drop from pivot level in line with 50% Fibonacci retracement towards 1st Support in line with 38.2% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.
Alternative Scenario:
Alternatively, price could push higher to 1st Resistance in line with horizontal swing high and 78.6% 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.