Type:
Bullish Bounce
Key Levels:
Resistance: 114.926
Pivot: 114.309
Support: 113.984
Preferred Case:
Prices are on bullish momentum and consolidating in a parallel channel. We see potential for a bounce from our Pivot at 114.309 in line with 38.2% Fibonacci retracement and 100% Fibonacci extension towards our 1st resistance at 114.926 in line with 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices might dip towards our 1st support at 113.984 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.