Prices are facing bearish pressure from descending trend line as well as horizontal swing high resistance in line with 127.2% Fibonacci extension and 38.2% Fibonacci retracement. Prices might push down towards horizontal swing low support in line with 100% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 61.8% Fibonacci retracement and 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.