Type:
Bullish Bounce
Key Levels:
Resistance: 114.234
Pivot: 113.581
Support: 113.321
Preferred Case:
Prices are consolidating in a parallel channel. We see the potential for further bullish continuation from our Pivot at 113.581 in line with 38.2% Fibonacci retracement towards our 1st resistance at 114.234 in line with 61.8% Fibonacci extension.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 113.321 in line with 127.2% Fibonacci extension and 100% 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.