Type:
Bullish Bounce
Key Levels:
Resistance: 99.073
Pivot: 98.604
Support: 98.419
Preferred Case:
Prices consolidating in a triangular pattern and are abiding by an ascending trendline. We see for further bullish continuation from our Pivot at 98.604 in line with 50% Fibonacci retracement towards our Take Profit at 99.073 in line with 61.8% Fibonacci projection and 127.2% Fibonacci Extension.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 98.419 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.