Type:
Bearish Reversal
Key Levels:
Resistance: 113.112
Pivot: 112.062
Support: 109.008
Preferred Case:
Prices are on bearish momentum. We see the potential for a dip from our Pivot at 112.062 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci retracement towards our 1st support at 109.008 in line with 78.6% Fibonacci Projection. Ichimoku is forecasting the bearish dip.
Alternative Scenario:
Alternatively, Prices might climb higher towards our 1st resistance at 113.112.
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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.