Type:
Bearish Reversal
Key Levels:
Resistance: 114.564
Pivot: 114.303
Support: 113.763
Preferred Case:
Prices are on a bearish momentum and is potentially forming a head and shoulders pattern. We see dip from our Pivot at 114.303 in line with 50%, 78.6% and 100% Fibonacci extension towards our 1st support at 113.763 in line with 50% and 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 114.564 in line with 100% Fibonacci extension.
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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.