Type:
Bullish Bounce
Key Levels:
Resistance: 115.456
Pivot: 115.006
Support: 114.702
Preferred Case:
Prices are on bullish momentum and consolidating in a bullish channel. We see the potential for further bullish continuation from our Pivot at 115.006 in line with 78.6% and 23.6% Fibonacci retracement towards our 1st resistance at 115.456 in line with 100% Fibonacci retracement, 200% Fibonacci Projection and 100% Fibonacci retracement. Ichimoku clouds are showing strong bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 114.702 which is a graphical swing low and also in line with parallel channel.
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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.