Type:
Bullish Bounce
Key Levels:
Resistance: 113.451
Pivot: 112.731
Support:112.078
Preferred Case:
Prices are testing our Pivot at 112.731 in line with 161.8% Fibonacci projection. We see potential for prices to climb towards our 1st resistance at 113.451 which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices might dip towards our 1st support at 112.078 in line with 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.