Type:
Bullish Bounce
Key Levels:
Resistance: 1.09483
Pivot: 1.08397
Support: 1.08025
Preferred Case:
Prices are at a Pivot. We see the potential for a bounce from our Pivot at 1.08397 which is an area of Fibonacci confluences and in line with a swing low toward our 1st resistance at 1.09483 in line with 38.2% Fibonacci retracement. RSI is on bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.08025 in line with 161.8% Fibonacci extension and 200% Fibonacci projection.
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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.