Type:
Bullish Bounce
Key Levels:
Resistance: 115.282
Pivot: 114.793
Support: 114.562
Preferred Case:
Prices are on bullish momentum and abiding to our parallel channel. We see the potential for a bounce from our Pivot at 114.793 in line with 100% Fibonacci retracement, 127.2% Fibonacci extension and 100% Fibonacci extension towards our 1st resistance at 115.282 in line with 38.2% Fibonacci retracement. RSI are at levels where bounces previously occurred.
Alternative Scenario:
Alternatively. prices may dip towards our 1st support at 114.562 in line with 78.6% Fibonacci retracement.
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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.