Type:
Bearish Reversal
Resistance: 1.15791
Support: 1.15215
Pivot: 1.15797
Preference:
Price has been consolidating in a bearish channel and has the potential to dip further towards our area of 1st support at 1.15215 and 1.15112 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci projection respectively.
Alternative Scenario:
Price could reverse to our 1st resistance at 1.15791 which is in line with the 50% Fibonacci retracement.
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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.