Type:
Bearish Reversal
Key Levels:
Resistance: 115.843
Pivot: 115.467
Support: 114.995
Preferred Case:
On the H4, prices are experiencing bearish momentum. We see the potential for a dip from our Pivot at 115.467 in line with 100% Fibonacci extension towards our intermediate support at 114.995. Breaking pass our intermediate support will find prices dipping lower towards our 1st support which is an area of Fibonacci confluences and in line with our daily ascending trendline. RSI is showing bearish momentum.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 115.843.
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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.