Type:
Bullish Bounce
Key Levels:
Resistance: 114.154
Pivot: 113.643
Support: 113.643
Preferred Case:
Prices are on consolidating in a triangle. We see the potential for a bounce from our Pivot at 113.643 in line with 61.8% Fibonacci extension towards our 1st resistance at 114.154 in line with 161.8% Fibonacci Projection and 38.2% Fibonacci retracement. RSI is at a level where bounces previously occurred.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 113.447 in line with 78.6% Fibonacci extension and graphical swing low.
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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.