Type: Bearish Reversal
Key Levels: Resistance: 113.678 Pivot: 114.216 Support: 113.677
Preferred Case: Prices are consolidating in a triangle pattern and on bearish pressure. We see the potential for a dip from our Pivot at 114.216 in line with 50% Fibonacci retracement towards our first support at 113.677 in line with 78.6% Fibonacci retracement. Prices are trading below our Ichimoku cloud resistance and also crossover from our red and blue line, further supporting our bearish bias
Alternative Scenario: Alternatively, prices may dip towards our 1st resistance at 113.678 in line with 78.6% Fibonacci retracement.
