Type:
Bearish Reversal
Key Levels:
Resistance: 1.10518
Pivot: 1.1045
Support: 1.10136
Preferred Case:
Prices are approaching a pivot. We see the potential for short from our Pivot at 1.1045 which is an area of Fibonacci confluences towards our 1st support at 1.10136 in line with 38.2% Fibonacci retracement. RSI is close to levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb to our 1st resistance at 1.10518 which is our next swing 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.