Type:
Bullish Bounce
Key Levels:
Resistance: 113.955
Pivot: 113.558
Support: 113.267
Preferred Case:
Prices are consolidating in a triangle pattern. We see potential for a bounce from our Pivot at 113.558 in line with 50% Fibonacci retracement towards our 1st resistance at 113.955 in line with 100% Fibonacci retracement and 61.8% Fibonacci extension.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 113.267 in line with 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.