Type:
Bullish Bounce
Key Levels:
Resistance: 1.21968
Pivot: 1.21369
Support: 1.21046
Preferred Case:
Prices are at Pivot, we see the potential for a bounce from our Pivot at 1.21369 towards our 1st resistance at 1.21968 in line with 200% Fibonacci projection and 38.2% Fibonacci Retracement. Divergence is spotted on RSI.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.21046 in line with 61.8% Fibonacci Projection.
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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.