Type:
Bullish Bounce
Key Levels:
Resistance: 114.716
Pivot: 114.299
Support: 113.479
Preferred Case:
Prices are potentially forming a double top. We see a potential a dip at 114.299 in line with 200% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st support at 113.479 in line with 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices might climb towards our 1st resistance at 114.716 in line with 100% Fibonacci retracement and 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.