Type:
Bearish Reversal
Key Levels:
Resistance: 1.13862
Pivot: 1.13593
Support: 1.12985
Preferred Case:
Price is reacting below our pivot level at 1.13593 which is in line with horizontal overlap resistance. Price can potentially drop to 1st support at 1.12985, which is in line with 61.8% Fibonacci retracement level and horizontal swing low support. This is further supported by how price is likely to reverse off the Stochastic resistance level.
Alternative Scenario:
Alternatively, price may rise up to our 1st resistance at 1.13862, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance .
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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.