Type:
Bullish Breakout
Key Levels
Resistance: 113.254
Support: 112.762
Pivot: 113.008
Preference:
Price is on a bearish momentum. We see potential for prices to bounce from our pivot at 113.008 in line with 127.2% Fibonacci extension towards 1st resistance at 113.254 in line with 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, it might dip towards our 1st support at 112.762 in line with 161.8% 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.