Type:
Bearish Breakout
Resistance: 114.331
Pivot: 113.896
Support: 133.245
Preference:
Prices are on a bearish momentum and is consolidating in a parallel channel. We see potential for prices to dip from our Pivot at 113.896 in line with 61.8% Fibonacci retracement towards our 1st support at 113.245 which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices might climb towards 1st resistance at 114.331 in line with 78.6% 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.