Type:
Bullish Bounce
Key Levels:
Resistance: 1.77547
Pivot: 1.74474
Support: 1.7337
Preferred Case:
Prices are at a Pivot. We see the potential for a bounce from our Pivot at 1.74474 in line which is an area of Fibonacci confluences towards our 1st resistance at 1.77547 in line with 50% Fibonacci retracement. RSI is portraying bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.7337 in line with 127.2% Fibonacci extension.
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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.