Type:
Bullish Bounce
Key Levels:
Resistance: 113.97
Pivot: 113.591
Support: 113.296
Preferred Case:
Prices are consolidating in a wedge pattern. We see potential for a bounce from our Pivot which is a graphical overlap towards our 1st resistance at 113.97 which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 113.296 in line with 61.8% 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.