Type:
Bearish Reversal
Key Levels:
Resistance: 0.66554
Pivot: 0.66108
Support: 0.65402
Preferred Case:
Price is abiding to the triangle formation, price tried to breakout of the descending trendline resistance once but failed to do so. We can expect price to drop from further from the pivot level in line with 50% Fibonacci retracement towards the 1st Support in line with 50% Fibonacci retracement and 161.8% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %D line is near the resistance level.
Alternative Scenario:
Alternatively, price could push upwards towards 1st Resistance 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.